NEOLIBERALISM AFTER THE WASHINGTON CONSENSUS: AN EVALUATION IN THE CONTEXT OF THE WORLD BANK’S DEVELOPMENT DISCOURSES
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2018
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Abstract
The Washington Consensus implies sets of neoliberal economic policies spreaded frontmost by main BrettonWoods Institutions and especially by the World Bank that entered into the economic policy and developmentschedules of many developing countries since 1970s. However, towards the end of the 1990s, the WashingtonConsensus exchanged by a opposite to paradigm called the Post-Washington Consensus (PWC) whichunderlined the necessity for different institutions in different economies and identified circumstances in whichgovernment market interventions can play useful roles. Furthermore, PWC draws attention to issues such asdistribution of income, poverty, sustainable growth and delivarence of social services to the poor people; butstill under the rules of neoliberalism in order to relegitimize it within reality of its crisis. This article aims toelucidate the neoliberal dimension of PWC’s principles by tracing historical perspective. By the end of thearticle, although the development discourse of the World Bank started to give more importance to the socialaspects of development through the PWC, all these policies have been created as the result of the neoliberal axisin essence.