Lost and Found: Bourgeois Dependency Theory and the Forgotten Roots of Neodevelopmentalism

Neodevelopmentalism emerged in Brazil and Argentina in the aftermath of the demoralization of the Washington Consensus. Although its intellectual proponents place it within the long tradition of Latin American developmentalism, an important theoretical origin of neodevelopmentalism—dependency theory—has so far been ignored. The term appeared for the first time in 1978 as an expletive in the heated controversy between Ruy Mauro Marini and Fernando Henrique Cardoso and José Serra in the Revista Mexicana de Sociología. Breaking with the supposition that underdevelopment could be overcome only through social revolution, Cardoso and Serra embraced a perspective of long-term social transformation based on class alliances with fractions of the national bourgeoisie and international capital. This perspective was gradually weakened and finally abandoned in favor of full-fledged neoliberalism when Cardoso became president of Brazil in 1994, only to be resuscitated by so-called pink-tide administrations after 2002. O neodesenvolvimentismo surgiu no Brasil e na Argentina após a desmoralização do Consenso de Washington. Embora seus proponentes intelectuais o coloquem dentro da longa tradição do desenvolvimentismo latino-americano, uma importante origem teórica do neodesenvolvimentismo - a teoria da dependência - até agora foi ignorado. O termo apareceu pela primeira vez em 1978 como um palavrão na polêmica acalorada entre Ruy Mauro Marini e Fernando Henrique Cardoso e José Serra na Revista Mexicana de Sociología. Rompendo com a suposição de que o subdesenvolvimento só poderia ser superado por meio da revolução social, Cardoso e Serra abraçaram uma perspectiva de transformação social de longo prazo baseada em alianças de classe com frações da burguesia nacional e do capital internacional. Essa perspectiva foi gradualmente enfraquecida e finalmente abandonada em favor do neoliberalismo completo quando Cardoso se tornou presidente do Brasil em 1994, apenas para ser ressuscitada por administrações da chamada maré rosa após 2002.

Washington Consensus Reforms and Lessons for Economic Performance in Sub-Saharan Africa

Over three decades after market-oriented structural reforms termed “Washington Consensus” policies were first implemented, we revisit the evidence on policy adoption and the effects of these policies on socio-economic performance in sub-Saharan African countries. We focus on three key ubiquitous reform policies around privatization, fiscal discipline, and trade openness and document significant improvements in economic performance for reformers over the past two decades. Following initial declines in per capita economic growth over the 1980s and 1990s, reform adopters experienced notable increases in per capita real GDP growth in the post-2000 period. We complement aggregate analysis with four country case studies that highlight important lessons for effective reform. Notably, the ability to implement pro-poor policies alongside market-oriented reforms played a central role in successful policy performance.

Washington Consensus in Latin America: From Raw Model to Straw Man

We take stock of three decades of a love–hate relationship between Latin American policies and the Washington Consensus, reviewing its implementation, national debate, and outcomes. Using regional data and case studies of Brazil, Chile, and Mexico, we discuss the various degrees of the Washington Consensus implementation and evaluate performance. We find mixed results: macroeconomic stability is much improved, but economic growth has been heterogeneous and generally disappointing, despite improvement relative to the 1980s. We discuss the risk that the region could revert parts of the Washington Consensus reforms, which are necessary building blocks for a new agenda more focused on social integration, a fairer and just society, and environmentally sustainable growth based on better education.

Some Thoughts on the Washington Consensus and Subsequent Global Development Experience

This paper discusses the Washington Consensus, its origins, and its insights in terms of subsequent development experience in a broad range of countries. I continue to find that when properly interpreted as a guide to the formulation of country-specific development strategies, the Washington Consensus has withstood the test of time quite well. In my view, subsequent experience, especially in Asia, reveals a number of places where a shift in emphasis would be warranted. Finally, I try to identify some misuses of the Washington Consensus and suggest that it was vulnerable to misuse due to the absence of an accompanying and explicit development model.

ALLE RADICI DELLA GRANDE CRISI. GIORGIO LUNGHINI E JOHN MAYNARD KEYNES

The notes in memory of Giorgio Lunghini deal with his approach to economic theory and in particular with his investigation of the causes of the great economic crisis of the 2007-2013 years. He identifies four main causes of the crisis: 1) the financialization of the world economy; 2) the growing debt of the private and public sectors; 3) the global trade and capital movement imbalances (in USA, Asia, South America and Europe); the existence of countries which are in a structural trade deficit and surplus; the sharp division between debtor and creditor countries; 4) the role of economic theory e in particular the return to the laissez-faire doctrine and liberalism (monetarism; the critiques to “bastard” Keynesians rather than Keynes who, in Lunghini’s view, is not a Keynesian); the return to the “Treasury view”, the “Washington consensus” and “Bruxelles consensus”. In the Notes, these four causes are analysed in detail.