'Neoliberalism' and Development Policy - Dogma or Progress?

In: Development dialogue, Heft 51, S. 89-100

Abstract

Development practice has been dominated by the thinking of industrial countries; however, the latest version of this thinking, the "Washington Consensus," is beginning to crumble because its policies appear to cause more problems than they solve. Developing & emerging countries continue to be characterized by a lack of successful development assistance; an over-representation of the very poor; & inadequate representation in the International Financial Institutions (IFIs) that are the primary institutional actors in development assistance & policy advice. The Washington Consensus needs to be replaced by a development paradigm that allows developing countries to participate in the IFIs in ways that produce a more open marketplace for development ideas that include non-conventional solutions that consider the specific needs & environments of the poor. It is maintained that whether or not this change will be labeled "postliberal" is of more importance to future historians of economic thought than the world's poor. Unfortunately, the leaders of the top industrial nations have been extremely resistant to this important change. J. Lindroth