Institutions, Growth and the Washington Consensus: Where Do We Stand?
نویسنده
چکیده
Joe has undoubtedly become a leading figure among those, including myself and all of us at this table, who question these two principles. A main difficulty for us is that while departing from the overly simplistic view of growth and development put forward by the strongest advocates of the Consensus, we still believe: (i) in the universal role of some institutions or policies (property right protection, stable macroeconomy, good education and health systems,..) and in the importance of a good ”investment climate”; (ii) in the virtues of competition and entry as growth-enhancing devices. So, a main challenge for us is to formulate our criticisms in a way that does not create scope for ”amalgam” between us and radical anti-globalization forces. Let me illustrate our razor-edge position by showing you some pictures and tables about: (a) the effects of the 1991 liberalization in India on subsequent TFP growth across states and industries; (b) the interplay between productivity growth, entry or openness, and a country’s level of development.
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تاریخ انتشار 2003