Article
Comparative Economic Studies (2007) 49, 59–60. doi:10.1057/palgrave.ces.8100177
Shock Therapy and the Washington Consensus: A Comment
John Williamson1
1Senior Fellow, Institute for International Economics, 1750 Mass. Ave. NW, Washington, DC 20036, USA. E-mail: jwilliamson@iie.com
Abstract
This short comment on the article by John Marangos welcomes the author's care in distinguishing alternative concepts of the Washington Consensus and distinguishing them in turn from the idea of shock therapy. It discusses several differences between what Marangos terms the "Washington Consensus Proper" and "Shock Therapy", such as the role of aid in financing budget deficits, voucher privatization, and price liberalization, and argues that these reflect differences in time and place rather than ideological disagreements.
Keywords:
shock therapy, Washington consensus, transition economies
JEL Classifications:
P20; P51; P26
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