Emergence - Neoliberal reform in Latin America in the 1980s and 1990s
- Africa: IMF structural adjustment policies
- India: liberalization beginning in the 1990s
- East Asia: the crash of 1997
- Neoliberalism as an arm of US foreign policy: `free markets + democracy’
Diffusion: the Washington Consensus - The “Washington Consensus” described by Williamson (1989) included:
The rise of Japan: a developmental state? The role of the IFIs - World Development Report: Trade and Industrialization (1987)
- The Japanese government reacts
- The East Asian Miracle: Economic Growth and Public Policy (1993)
- World Development Report: The State in a Changing World (1997)
Theory, prescription, practice - Understanding the difference between neoliberalism as theory, prescription, and practice helps unlock the current debate.
- Neoliberals argue that the reforms’ disappointing results have more to do with incomplete and/or distorted implementation of the policies, and that the policies and the theory behind them are still fundamentally sound.
- Critics argue that the last three decades of reform show that both the theory and the prescriptions have been tried and have been shown to be inadequate.
- There are now many critics in the advanced capitalist countries, who attack neoliberalism for undermining national cohesion.
The Politics of Neoliberal Reform - World Bank’s first SAP (1979).
- IMF and World Bank promote economic liberalisation (not contemplated in Bretton Woods accords) by attaching conditions to new lending (“conditionality”). The region most directly affected: Latin America, followed by Sub-Saharan Africa.
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