WASHINGTON CONSENSUS AND CHOICE OF TRANSITION ROAD

  • Nenad M. Avramović
  • Stanimir B. Đukić
Ključne reči: Washington Consensus, transition, neoliberal politics, IMF, liberalization, deregulation, shock therapy.

Sažetak


The collapse of socialism as a consequence of primarily economic inefficiency has raised in front of the post socialist countries the dilemma of choice (what a miracle) the path to capitalism. On this reversible, historical process, the leading Western countries have had a ready answer - the Washington Consensus.

The strict implementation of the ten Washington reform economic policies conceived on the neoliberal doctrine led to the construction of the Anglo-Saxon development model of capitalism. The Washington narrative had the unreserved support in the measures and decisions of the International Monetary Fund and the World Bank, though it originally intended as a set of neo-liberal crisis solution measures in Latin American countries. The consistent implementation of the Washington Regulations with the shock therapy method has had mostly negative consequences for the economic growth and development of both the transition and Latin American countries.

                Countries that have approached economic reforms in a gradualistic manner, respecting national characteristics and interests, such as the "East Asian tigers", have as a rule achieved economically respectable growth and social well-being.

Reference

Avramović Nenad, (2019) The Impact of the Neoliberal Transition and Policy of the European Union on the Economic and Economic Framework of the Republic of Serbia, Proceedings of the 16th International Scientific Conference "The Legal Days of Prof. Slavko Carić, PhD, “Novi Sad.
Babić S. Blagoje, (2015) CUR DE ASINI UMBRA DISSERAMUS, Economic ideas and practice No. 16-17, Faculty of Economics, Belgrade.
Bukvić Rajko , The Washington Consensus and the de-industrialization of Eastern and Southeastern Europe, Journal of Political Theory and Social Research, New Serbian Political Thought, 01/07/2011 (http: //www.nspm.rs.1.12.2019.)
Galbraith, John Kenneth, (1977) The Age Uncertainty, Houghton Mifflin, Boston. taken from Mesarić Milan, (2008) XXI Century, Long-Term sustainability of market fundamentalism and neoliberal capitalism, Prometheus, Zagreb, page 217.
Gorčić Jovan, (2009) Crisis management - the world and us, Proinkom, Valjevo.
Dušanić Jovan, (2015) Neoliberalism - economic inefficiency with social irresponsibility and moral insensitivity, Economic ideas and practice 16-17, Faculty of Economics, Belgrade.
European Bank for Reconstruction and Development (EBRD), TRANSITION Report 2013, London, 2013. URL: http://www.ebrd.com/news/punlications/transition-report/transition-report-2013:2019).
Jakšić M., (2013), “Political Macroeconomy: The Case of Serbia” Economics & Economy, Vol 1, No 2, pp 77-90.
Jankovac Pavle, Lončarić Kristijan, “The Asian Way” - an alternative to the Washington Consensus? Finance - theory and contemporary issues.
Jovanović Milovan, Eškinja Ivo, (2008), Some aspects of neoliberalism in the World Economy, Proceedings of the Faculty of Law, University of Rijeka, b. 29, No. 2.
Kato, T. (2004) Can The East Asian Miracle Persist? International Monetary Fund. Available at: https://www.imf.org/en/News/Articles/2015/09/28/04/53/sp120204 [12/3/2019].
Klein Naomi (2009), The Doctrine of Shock: The thriving of catastrophe capitalism, Translated from English by Tanja Milosavljević, Samizdat B92.
Kovacević Milan, (2013) Neoliberal ideology - the main cause of the world economic and social crisis, Causes of the contemporary economic crisis, Economic ideas and practice No. 9 and 10.
Lekpek Ahmedin, (2012), Transition in Russia: changes and challenges, Transition, Vol.14, No.29.
Mustać Nora, (2017), Consequences of economic transition in Russia and China, Economic thought and practice, No. 2, Zagreb.
Pavlović Branko , (2019) Commercial bank and the sovereignty issue, NSPM, June 10, 2019, taken from www.nspm.rs/ekonomska-politika/bdp-komercijalna-banka-i-pitanje-suvereniteta.
Robinson J. Eatvell (1981), Introduction to contemporary economics, Cekade, Zagreb.
Stiglic Joseph (2000), Wilted reforms? Ten years of transition (World Bank Annual Conference on Development Economics 1999), Washington.
Objavljeno
2020/03/14
Rubrika
Članci