The New Development Economics: Post Washington Consensus Neoliberal Thinking

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Much is currently being made of the World Bank's apparent retreat from the neoliberal market economics of the Washington Consensus. New concepts and priorities like social capital and governance have been taken on board alongside the continuing pressures on developing countries for deregulation, privatization, free trade and so on. But how much has really changed? In what ways has the so-called post-Washington Consensus and its "New" Development Economics really parted company with the overly simplistic nostrums of the still dominant market economics? This important and thought-provoking volume makes clear for scholars, students and policymakers alike the most recent trends in theoretical argument and policy thinking within mainstream development economics.

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Average Customer Review: 5 out of 5 stars

7 of 7 people found the following review helpful:

5 out of 5 stars

Excellent radical discussion of development economics, 2006-12-11
Fine & Jomo's collection "The New Development Economics" addresses directly the post-Washington consensus on its merits, as well as describing the change from the Washington consensus to its new form, and the differences in content between the two. It is assessed to what degree the post-Washington consensus is and isn't an improvement over basic neoclassical assumptions, and why it is still inferior on important issues to radical political economics.

Major Marxist political economist Ben Fine has written the greater part of the essays, especially the general articles on new development economical theory and its relation to the IMF and the World Bank. Later articles go into specialized areas such as economic geography, agricultural economics and economic history. All of the articles in this collection are interesting, well-argued and succinct, making for excellent and informative reading. A must-read for all interested in the future of the developing nations.

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