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• The Relevance of the Washington Consensus for the Post-communist Countries

  5-25

  Peter Mihalyi

  Views:

  239

  The Washington Consensus (WC) is 20 years old now. With hindsight, its main significance is the unification of the normative economics. Prior to the WC, it was widely accepted that different policies should be pursued in the developed and in the underdeveloped economies. It was a sheer coincidence that the emergence of WC occurred a few months before the collapse of the communist systems of Eastern Europe and the Soviet Union. Many scholars believe that the WC is responsible for the recurring economic crisis of the last two decades. I reject this view. A 200-year track record confirms that depressions and financial crisis have been always the intrinsic components of market economies – for the reasons identified by Marx and Schumpeter long time ago.

  Journal of Economic Literature (JEL) classification: F02, F23, F41, P11, P36

• A washingtoni konszenzus és a posztszocialista országok: Hozzászólás Mihályi Péter cikkéhez

  167-188

  Gyorgy Szakolczai

  Views:

  119