WASHINGTON CONSENSUS Essay Example | Topics and Well Written Essays - 1500 words

WASHINGTON CONSENSUS - Essay ExampleOnly the annual budget of Nestle grew more than any African demesne under this globalisation of economy (Robert N. Gwynne and Cristbal Kay 1999). So the launch of these reforms in the name of structural adjusment programmes on the advice of IMF and world Bank there has attracted a lot of reprehension in the thirld world countries. The policies that were originally formed to give a boost to the GNPs and GDPs of the least developed and developing countries in the world.But on the contrary in roughly of the economies these policy presciptions have played havoc with the unemployement and poverty due to the capitalisms tantacles wide spread from the first world in the misfortunate countries. The major criticism has herald from latin american and ex-soviet republics . They majorly see the capitalism as the main monster creeping in the world on the wheels of the multinalnal companies.Ultimately the buzzwords of globalization, capitalism, neo-liberal agenda and Washington Consensus became familiar and equivalent to each other. People in the third world have been debating these terms ever since early 1950s. Most of them argue that there is an important sense in which disagreements on the character and consequences of capitalist ways of organizing economic life actually triggered the nineteenth century emergence of modern social science. This disagreement in the ex socialist and some Latin states stands at the center of the twentieth century political debate on how best to organize advanced industrial societies and they reside main elements dividing capitalist societies, in former communist societies, and in whole of the under-developed... There is no denying the fact that the policy prescriptions under the Washington Consensus have astray been criticized from all around the world. This situation has basically arisen from immediate debacle of soviet republics and the transitional economies were not ready for reforms immediately . The Latin America, south Asia and Africa were not ready as yet. Those countries that blindly select these policies did not have a better taste of these policies. People reacted badly and results were not favorable politically. The economic reforms have to be adopted very prudently, slowly and gradually in all political wisdom by the leaders. But this is also a fact that free market economies be the order of the day. The WTO has at least now been setting favorable incentives for the least developed and underdeveloped world. The international competition cannot be beaten by unmingled agitation from the third world. The reform in the production process and compliance with the ISO certifications and intellectual property rights has to be complied with all the countries in the world equally. However the guard duty nets for the protection of poorest of the poor people have to be provided by the respective governments. It is still widely believed that growth in GDPs is not vastly tr ickling down to the poor segments of society. Corruption in the developing countries is rampant and rich elite is taking the advantages of new reforms. Poor have to be defended any way.