Activity

The Washington Consensus was [...] fiscal discipline, reordering public expenditure priorities, tax reform, liberalizing interest rates, (maintaining) a competitive exchange rate, liberalizing trade and foreign direct investment (FDI), privatization, and deregulation

depressions do not in fact "right themselves" owing to a phenomenon called debt deflation. Simply put, as the economy deflates, debts increase as incomes shrink, making it harder to pay off debt the more the economy craters

the liberal path to growth only makes sense if you are an early developer, since you have no competitors--pace the United Kingdom in the eighteenth century and the United States in the nineteenth century. Yet in the contemporary world, development is almost always state led.

the insistence that all developing states follow their liberal instruction sheets to get rich, the so-called Washington Consensus approach to development

The policy objective [...] "achievement competition" rather than "impediment competition," whereby the quality of products manufactured would create the demand for them, in a modern supply-side restatement of Say's law.