1818 Society WBG History TG, Economics TG and WBG Library event
Structural adjustment (also known as the Washington Consensus, and later called neoliberalism) was widely condemned in the 1990s and later (including by this author). This was a reaction to two things: (1) the imposition of pro-market policies from Washington, and (2) poor economic growth numbers associated with those policies. With the benefit of hindsight, both critiques were wrong. On (1), policy changes were often led by homegrown reformers. On (2), growth looked much better after more post-reform data became available. But it may still be true that the Bank’s attempt to impose policies through structural adjustment lending was misguided, harming unnecessarily the popularity of market reforms worldwide and violating democratic self-determination.
William Easterly is Professor of Economics, New York University. He is the author of The Elusive Quest for Growth (2001), The White Man’s Burden (2006), and The Tyranny of Experts (2014). He was a World Bank staff member from 1985 to 2001, rising to the position of Senior Adviser in the research department.
Moderator: Ritva Reinikka
Discussant: Celestin Monga
If you will attend in person, please RSVP. Venue: MC C3-214
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