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Beyond the Washington consensus? Asia and Latin America in search of more autonomous development

Beyond the Washington consensus? Asia and Latin America in search of more autonomous development
Beyond the Washington consensus? Asia and Latin America in search of more autonomous development
International economic power (the ability to shape rules of global economic conduct) needs to be understood in terms of the interactions between rule-makers and rule-takers in the global economy. Attempts to reshape development paradigms through interventions during financial crisis have been highly significant for the domestic political economy of the developing world. In the 1980s and early 1990s, the primary question was how much countries would liberalize in response to financial crisis. Reactions to the crises of the late 1990s in Asia and Latin America were more varied. This article explores domestic political responses to crises in both regions in the 1980s and late 1990s. It argues that countries are finding it increasingly difficult to trump domestic political pressure for change with arguments about technocratic necessity. Popular pressure is pushing governments into new experiments in economic nationalism, not a radical rejection of global economic integration, but a reshaping of relationships in an attempt to secure national interests and, in some cases, to devote more resources to welfare. Experiments to date are modest, but could presage more significant change in the future
0020-5850
499-517
Grugel, Jean
11807d62-c315-4527-a3dd-d5f135f2d307
Riggirozzi, Pia
ed3be4f8-37e7-46a2-8242-f6495d727c22
Thirkell-White, Ben
8f365499-5440-4f56-b6b4-43b75926a744
Grugel, Jean
11807d62-c315-4527-a3dd-d5f135f2d307
Riggirozzi, Pia
ed3be4f8-37e7-46a2-8242-f6495d727c22
Thirkell-White, Ben
8f365499-5440-4f56-b6b4-43b75926a744

Grugel, Jean, Riggirozzi, Pia and Thirkell-White, Ben (2008) Beyond the Washington consensus? Asia and Latin America in search of more autonomous development. International Affairs, 84 (3), 499-517. (doi:10.1111/j.1468-2346.2008.00720.x).

Record type: Article

Abstract

International economic power (the ability to shape rules of global economic conduct) needs to be understood in terms of the interactions between rule-makers and rule-takers in the global economy. Attempts to reshape development paradigms through interventions during financial crisis have been highly significant for the domestic political economy of the developing world. In the 1980s and early 1990s, the primary question was how much countries would liberalize in response to financial crisis. Reactions to the crises of the late 1990s in Asia and Latin America were more varied. This article explores domestic political responses to crises in both regions in the 1980s and late 1990s. It argues that countries are finding it increasingly difficult to trump domestic political pressure for change with arguments about technocratic necessity. Popular pressure is pushing governments into new experiments in economic nationalism, not a radical rejection of global economic integration, but a reshaping of relationships in an attempt to secure national interests and, in some cases, to devote more resources to welfare. Experiments to date are modest, but could presage more significant change in the future

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e-pub ahead of print date: 6 May 2008
Published date: 2008

Identifiers

Local EPrints ID: 71196
URI: http://eprints.soton.ac.uk/id/eprint/71196
ISSN: 0020-5850
PURE UUID: 204267f2-c5de-4a50-8796-9723122d06e2
ORCID for Pia Riggirozzi: ORCID iD orcid.org/0000-0001-5809-890X

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Date deposited: 26 Jan 2010
Last modified: 14 Mar 2024 02:55

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Contributors

Author: Jean Grugel
Author: Pia Riggirozzi ORCID iD
Author: Ben Thirkell-White

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