They say success has many fathers but failure is an orphan. Not so in economics, it would seem.
In a recent working paper for the National Bureau of Economic Research in Boston (In Search of Reforms for Growth: New Stylized Facts on Policy and Growth Outcomes, NBER Working Paper No. 26318) William Easterly, the guru of growth, has revived the discussion around the ‘Washington Consensus’. That term was shorthand for the World Bank-IMF 1990s prescription for reviving growth: liberalise, to make domestic markets more flexible; privatise, to use capital more efficiently and ...
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