The IMF, World Bank and the Washington Consensus

The IMF, World Bank and the Washington Consensus The Washington Consensus was created in 1989 by John Williamson; it was used to describe the 10 policy prescriptions. The Washington Consensus was made to be the baseline of directions for countries, who are in need of assistance from international economic entities, for example the international Monetary Fund and the World Bank. Washington Consensus has been referenced many times; this has made it a general term of disparagement to those who go against the free market fundamentalism. (Williamson 1989) The ten points of the Washington Consensus were rather vague because they were to represent a baseline. The points included were, liberalizing foreign investment opportunities, keeping competitive exchange rates within the nation, privatizing enterprises run by the state, letting interest rates be handled by the market and remaining positive and moderate, strong legal guarantees for property rights, spending away from subsidies and to direct investments in infrastructure, education and health care, deregulation and reduce competition, except for consumer safety, environmental health and financial institutional stability. The last point raised is reforming the tax system to a broader tax base. (Williamson 1989) The Washington Consensus has resulted in limited success when it has been applied in nations which are suffering economic crisis. It has come under some criticism for a number of destabilisations for example the Argentinean crisis. John Williamson himself noted that the results have been disappointing upon implementation and how it could be improved and noted some of the flaws. John Williamson pointed out that the reason for failed results were that the Washington Consensus did not place any special measures on mechanisms for avoiding economic crisis. (Williamson 1989) People who opposed the ideas of the Washington Consensus believe that it represents exploitation of developing countries by developed countries. Some nations in Latin America have implemented policies which go directly against the Washington Consensus which resulted in good results in some occasions. Some socialist leaders like Evo Morales, Hugo Chavez and Nestor Kirchner have all spoken out against the Washington Consensus and implemented policies which have taken their nations to very different directions. (Reed 2007) Though other Latin American counties with governments of the left wing have in practice adopted the bulk of the policies included in Williamsons list but they often criticize the principles of market fundamentalism that they are often associated with. These policies have been promoted by the International Monetary Fund but have come under some criticism by US economists like Rodrik and Joseph Stiglitz. They have both challenged the fundamental policies of the IMF (International Monetary Fund) and the US treasury, Stiglitz called this a one size fits all action for individual economies. Joseph Stiglitz stated that the treatment that was suggested by the IMF is far too basic; he said the policies did not prioritise or look for side effects. (Reed 2007) The policies for the Washington Consensus were originally created as a response to the crisis that was happening in Latin America. In 2010, several nations from the area are now being led by socialists or other left wing governments. Some of the countries are campaigning for and have adopted some policies which are opposite to the Washington Consensus policies. Even though some nations in Latin America have left wing governments such as Chile, Peru and Brazil, they have still adopted most of the policies that are in the Washington Consensus, even though they go against the principle of market fundamentalism that on such occasions are associated with. (Reed 2007) There has been a lot of criticism about the Washington Consensus. Most of the criticism has been focused on the elimination of subsidies and on trade liberalisation. The criticism has been rather harsh towards the agriculture sector. Countries which have a substantial amount of natural resources, they have criticised the privatisation of industries exploiting these resources. Neo-Keynesian and post-Keynesian have both been very critical of the consensus and they have argued that the core policies were wrongly been laid out and are too inflexible to be successful. An example of this would be flexible labour laws were supposedly meant to create new job opportunities; economic evidence from Latin America has been largely inconclusive. Some critics have criticised that the policies do not take into account of the cultural and economic differences between the nations. They believe that these policies should be only implemented at times of economic growth and should not be implemented during economic crisis. (Naim 1999) Foreign Policy chief editor, Moises Naim, argued that there was no such consensus in the first place. Moises Naim had argued that there was and still is important differences between economists over what is the best and correct economic policy. This is the reason the idea of there being a consensus was also flawed. (Naim 1999) SOURCE: WORLD BANK and ECLAC As you can see from the chart above, it shows that Brazil and Latin America who have implemented the Washington Consensus from 1990-2004 have showed that the Economic Growth has dropped by more than half. East Asia economic growth has gone up and they have not implemented the Washington Consensus. This has shown that the Washington Consensus has had a considerable impact on the growth. East Asia did not follow the Washington Consensus policies in some important respects. They adopted strong industrial and government policies, as well as creating successful government enterprises. They were also slow to liberalise capital markets and trade. Such difference accounted for the performances between East Asia and Latin America, because of this there was faster and increased growth in East Asia. They also benefited from growth that was widely shared and became more stable except for the 1997 crisis where all the countries recovered quickly expect for Indonesia. (Franko 2007) SOURCE: ECLAC SOURCE: ECLAC The adoption of the Washington Consensus has had an immense impact on GDP per Capita. The GDP per Capita at the end of 2003 is -0.3 % and in the 1960s it was 2.6% The Washington Consensus policies had only produced very limited growth, but when growth occurred it was not equitably share. The Washington Consensus was at best indifferent, and at worst hostile, to specific ideas and policies that would have promoted equality. Unemployment rates have steadily been rising and the Washington Consensus has no impact on reducing unemployement rates. Critics of trade liberalisation such as Tariq Ali and Susan George, see that the Washington Consensus is a way to open up labour markets of underdeveloped economies so companies from developed nations can exploit this. Washington Consensus allows free movement of items across the borders, however labour is not allowed to move freely there are requirements like a work permit or a visa. This then creates a scenario which goods are manufactured by cheap labour in developing nations and then these good are exported to developed nations for a big mark-up. The criticism of this is that the underdeveloped economies workers remain poor, any pay rises that the workers may receive over the money they made before the trade liberalisation are then offset by inflation. Developed nations workers become unemployed because of work being moved offshore and the owners of the businesses become richer. (Reed 2007) Joseph Stiglitz believed that the Washington Consensus had proved that it was neither sufficient nor necessary to be successful for development. He believed that even if each of its policies made sense for specific nations at specific times it was still unsuccessful. Joseph Stiglitz said that any future consensus cannot be made just in Washington and that any new framework should provide tailored adaptation to particular circumstances that the nations are involved in. (Change, 2001) There has been a lot of criticism of the Washington Consensus policies; there has been evidence of their impact on health, which has led to the development of the post-Washington Consensus. The ideas and policies of the post-Washington Consensus aimed to: Create vertical and horizontal policy coherence Include the creation of enforceable codes and standards, and concessions to social welfare through targeted social safety nets Manage liberalized trade, finance and monetary systems Include firms and businesses in a Global Compact for Development and the PRSP process. Many supporters of the post-Washington Consensus believe it differs from the original ideas and fundamentals of the Washington Consensus. The main goal for the Washington Consensus was to make economic growth in development. The new post-Washington Consensus differed from this and moved away from the neo-liberal, market-friendly approach and places sustainable, egalitarian and democratic development at the heart of the agenda. The post-Washington Consensus is more focused on poverty, which supports and protects the poor and aims towards social spending on health and education. Some still argue that the original ideas of the Washington Consensus neo-liberal agenda still underpins the new ideas and policies of the post-Washington Consensus, referring to the social safety net aspects of the new policies are there to be an add-on to cope with market failures. (World Health Organisation 2010) Joseph Stiglitz believed that new framework was needed to guide us to stable, democratic, sustainable and equitable development. He also believed the framework should reform global economic architecture to promote efficiency, developing countries to focus on their goals and objectives, stability and equity among nations. The post-Washington Consensus looks at the importance of employment, and balanced roles of the government and markets. This would be completed by promoting and regulating markets, providing physical and institutional infrastructure and also by endorsing innovation, technology and education. (Change 2001) The Post-Washington Consensus recognises the importance of the a nation in open markets as well as more liberal policy environment. This approach sees the importance of avoiding state failure which needs institutional innovation and democratic governance. The Post-Washington Consensus sees the need to tackle inequality as well as poverty as their main objectives looking away from efficiency and growth objectives. An example would be that markets, themselves do not produce efficient outcomes when there is a changing of technology or the learning about markets. These processes are important in development and East Asian countries recognised this but the Washington consensus did not. In respect to all these points the Post-Washington Consensus is a more progressive approach to development compare to the Washington Consensus. (Onis and Senses, 2005) There has been criticism of the Post-Washington Consensus that it adopts a technocratic and narrow approach to markets in both a global and at national level. The Post-Washington Consensus sees existing power structures as pre-determined. This is the reason why it fails to tackle the asymmetries of power and the fundamental power relations that are between the classes at level of nation state, and also the powerful versus less strong nations in the economy. These issues would need to be tackled in order to get over development issues. (Onis and Senses, 2005) The IMF and the World bank have not welcomed the Post-Washington Consensus policies. The IMF went through a crisis with their identity straight after the Asian crisis and they have been trying to reform themselves. However the IMF has a restrictive understanding and viewpoint of what should be the foundations for the Post-Washington Consensus. This has had vital consequences because the IMF is an important player for crisis nations and emerging nations. (Onis and Senses, 2005) The criticisms that was given to the Washington Consensus by the newly designed Post-Washington Consensus has fallen short in terms of dealing with the main issues but the Post-Washington Consensus still has cracked the neoliberal approach, which may lead to new and fresh viable alternative. The jury is still out for the Post-Washington Consensus as a definitive viable alternative but together with flourishing other globalisation movements and alongside the background of growing distributional imbalances at every level, this would bring such a change to be an alternative option.

House Keeping essay

In House Keeping by Marilynne Robinson, the author uses feminist criticism to demonstrate the social construction of a family household that goes against the patriarchal structure or norm of a household. In the novel the main character of Ruthie is telling the story of her and her sister Lucille living at her grandma’s house in Finger bone, Idaho after her mom’s suicide. Right at the start it begins with the death of her grandfather due to a train wreck, then her mother happens to kill herself shortly after going over a cliff after dropping them off at grandma’s.The story takes place in the 1950s and early 1960s and is told from first person point of view. After both of the girls’ mother’s death, the grandma Sylvia becomes their guardian, but eventually becomes ill and dies as well. Their grandmother was prepared for her death and made sure someone would watch over Ruth and Lucille after she was gone. Nona and Miss Royce are introduced in the story and become the girls’ guardians until they no longer feel they can take care of them and send a letter to Sylvie, the girls’ eccentric and unbalanced aunt to come watch them.Sylvie comes to watch over her nieces and then the household begins to become somewhat chaotic. Ruth bonds well with Sylvie because she is free-spirited, but Lucille, on the other hand, yearns for stability in the household. Lucille wants the household to consist of the normal family viewed in society. Lucille finds refugee in her economics teacher and decides to go live with her, leaving Ruth and Sylvie alone. Shortly, Ruth’s safety is questioned by the courts because of the way Sylvie and her are living. They are both isolated from the outside world alone and without a man as the one in charge.Eventually, Sylvie decides to leave Finger bone, Idaho and live on the road again and Ruth decides to go with her. Throughout the novel Ruth and Lucille face several abandonments as they grow up, but still have a home in which housekeeping is done and where a family is created. It may not be the usual household structure but it is a home in which the girls can come to at the end of the day. According to the CBIL, feminist literature also uses a range of different strategies such as psychological strategies that help understand feminist issues better. Ruthdoes not mind living in the condition they have been with Sylvie, but Lucille eventually gets tired of it because she feels she will not be accepted in the society that seems normal to her, â€Å"I was content with Sylvie, so it was a surprise to me when I realized that Lucille had begun to regard other people with the calm, horizontal look of settled purpose with which, from a slowly sinking boat, she might have regarded a not-too-distant shore† (92). Robinson uses feminism criticism to demonstrate that a home can be created without any male role or the typical normal family.In this home only women have lived in after t he grandfather’s death and they have sustained the house together over the years a way or another. When Ruth and Lucille slept out of the house in the woods, Lucille seeked attention from Sylvie because she felt Sylvie did not put any house rules and it bothered her because she felt she did not have a home when in reality she did, â€Å" She had put two folded quilts on the wood box behind the stove. She wrapped one of them around Lucille and one around me, and we sat down† (118).Their home was not the regular home but it was because Sylvie would keep them comforted and warm, she showed them love. Robinson adds details like these to the novel to demonstrate that even alone a woman can create a home for two children. Through feminism criticism the young girls also act as a symbol of strength in the novel because so much has happened to them over the years. They have lost everyone who has come into their lives one at a time. The girls are seen as independent, always on t heir own and taking care of themselves.They look forward to the future and what lies ahead even though their lives have been filled with death and abandonment. Robinson uses Ruth and Lucille as role models to other women who have dealt with similar events. The girls stick together, but eventually separate also signifying that they make their own life decisions without any male telling them what to do. This novel sets a setting in which no men are present, which was uncommon at the time the story takes place. Men were freer to travel, and roam around, unlike women in which they stayed at home with their children.A man-less household was far from uncommon, and in the novel Robinson only chose women as the main characters who lived alone. She created only women relationships to demonstrate that women were capable of coexisting with one another without a male. According to the CBIL, feminist critics use images of women to reflect the patriarchal structure by writing literature to achiev e equality with men (1548). Robinson chose her protagonist to be the voice of a single woman, a woman in in her 20s looking back on her childhood and reflecting on it, â€Å"My name is Ruth.I grew up with my younger sister, Lucille, under the care of my grandmother, Mrs. Sylvia Foster, and when she died, of her sisters in law†¦Ã¢â‚¬  (3). Ruth’s character dictates the cast and the setting of the story. As Ruth re-enters her childhood, her concerns becomes those of a fatherless girl abandoned by her mother, or in her case a mother who committed suicide to escape her problems in life, â€Å"She thanked them, gave them her purse, rolled down the rear windows, started the car, turned the wheel as far to the right as it would go, and roared swerving and sliding across the meadow until she sailed off the edge of the cliff† (23).Ruth in the novel has the choice to choose a mother figure in place of the one she has already lost. Ruth begins to bond well with her aunt Sy lvie and Sylvie becomes that mother figure for Ruth as it shows that there is no male heroism in the novel, but rather a female hero. The wilderness becomes part of the feminist criticism as Robinson centers the novel on the lake, and the characters spend frequent time in the woods. By putting a female in the lead role, Robinson goes against tradition.In â€Å"Laugh of the Medusa†, Helene is tired of seeing a man’s role in society in which the man tells the woman what to do. She wants women to give themselves their right place in society and become liberated from the restraint, therefore, Robinson like Helene, writes about feminine literature about women and decisions they have to make in a society where usually men made the decisions. The title of the novel is a big deal when viewing the novel through a feminist approach. â€Å"Housekeeping† in our culture signifies a clean household.In the household women take a major role as they are the ones who clean, maint ain the home, and stay at home with the kids. The house in the novel portrays a symbolic icon for female cultural existence, yet it is ruined in the novel. Sylvie does not keep the house like a culturally standard female would especially in the 1950s where women did not really work or have much to do. Sylvie keeps the house messy and does not act as a suitable mother would in society, â€Å"Yet this was the time that leaves began to gather in the corners.They were leaves that had been through the winter, some of them worn to a net of veins. † Yet, according to â€Å"Laugh of the Medusa† the best of a woman can only be given from another woman and Sylvie demonstrates the mark she leaves behind in society and the lesson she is teaching the girls about change and subversion against patriarchy. Housekeeping demonstrates that women are no longer the typical housewives and how society must accept that change. Society must move beyond conventional social patterns and the idea l image of a woman.Robinson changes literature into feminist literature to change the perception of women. In Housekeeping, Ruth, Lucille, and Sylvie portray women who have to make life decisions because of their different lifestyle that goes against the stereotypical household norm. Ruth being the protagonist is portrayed as the main hero because she faces several events in which she faces hard decisions and makes them, even though society is against the choices and lifestyle she is living.

John Sloane’s Societal Criticism

Art often serves as a criticism of society of a specific time period. A prime example of this premise is John Sloan’s Sixth Avenue & 30th Street, New York City. This piece depicts the intersection of these two streets in early 20th century New York. In the foreground stands a drunken woman holding her pale of beer. To the right, two prostitutes stare at her and further to the right, a group of gentlemen stare at them. This kind of scene was common among the seedier streets of New York at the time though many did not understand how common it was.Sloan, as part of the Ashcan School made it his goal to realistically depict scenes of urban life. He did, however hold sympathy towards the poor who would have inhabited these kinds of streets. He sympathized with them and believed that their poor state was caused by a society that had abandoned them. This idea of his is clearly represented in Sixth Avenue & 30th Street. The group in the foreground of the painting, including the drunka rd and the prostitutes, would often be seen as negative by most members of society.Sloan, however, takes exception to this. He depicts them sympathetically, giving them a certain level of dignity that other painters wouldn’t have. He believed that these individuals had been abandoned and exploited by society, and forced to take up such low roles. As Sloan was a member of the Socialist party, this came as no surprise. The gentleman to the right of this group serve as Sloan’s societal criticism. These men represent the well-off of society.They stare at the unfortunate individuals in the foreground, feeling no sympathy but only amused at their state. This represented the overall attitude held by these kinds of people, which, Sloan felt, was a certain unwillingness to assist the worse-of members of society. On the surface, this piece depicts a standard realist scene of a New York. However, on a deeper level, the piece is a criticism of what he felt was an unfair, exploitat ive society, which has been a common theme in art throughout history and especially of the time.

Does Punishment Deter Crime - 1773 Words

Running Head: DOES PUNISHMENT Does Punishment Deter Crime? Kylon D. Shipp SOC 120 Week 6 Checkpoint University of Phoenix A question that all criminal justice professionals ask themselves is whether or not our justice system is up to the challenge of doing what it originally set out to do: â€Å"protect society from criminals, to punish those who commit crimes, and to make criminals better able to return to society once they have finished their sentences† (Topsfield Foundation, 1996). Although the American system of justice has made great advancements in meeting these goals, one fact that exists is that placing criminals in prison does not benefit everyone. There are five goals of contemporary sentencing, and before we can discuss†¦show more content†¦If these convicted criminals are getting out of prison and engaging in more serious criminal offenses, then how is this beneficial to society or the criminal? The fact of the matter is that it’s not. However, I do believe that placing criminals in prison can prove to be more beneficial if some programs that promote healthy lifestyle s are implemented in all prisons. One problem that leads to criminal behavior is substance abuse. If we can cut back on the amount of teens using drugs and alcohol, then we will greatly impact juvenile delinquency rates, which would in turn impact the number of delinquents who go on to lead lives of crime in adulthood. We must push towards the establishment of drug treatment programs and community based educational programs instead of financing the construction of more jails and prisons. â€Å"In fact, research in a number of disciplines demonstrates that social investments can produce more significant reduction in crime than expanded prison construction† and â€Å"that spending on drug treatment would reduce serious crimes fifteen times more effectively than incapacitating offenders through mandatory prison terms† (Mauer, 2002). Another scholar states that â€Å"†¦since the 1970s, the number of prisons and incarcerated human beings [has] doubled while social ser vices, jobs, and housing disappear. The government s response to problems is to lock people away while eliminating the means forShow MoreRelatedDoes Punishment Deter Crime?1325 Words   |  6 PagesRunning head: EFFECTS OF PUNISHMENT Does Punishment Deter Crime? Does Punishment Deter Crime? During biblical times crime not only affected society, but it was believed to have also been directed towards God himself. The Bible is the oldest book to reference with many directives to living life peacefully and without revenge. As retribution is considered a form of punishment, if not the first, the Bible itself explains that the punishment should not exceed the crime. Matthew 5:38 statesRead MoreDoes Capital Punishment Deter Crime? Essay939 Words   |  4 PagesDoes Capital Punishment Deter Crime? Ahmed Salman Argosy University July, 10, 2015 Introduction Capital punishment or death penalty is punishing by death. Crimes that can attract capital punishment are called capital crimes or offenses. In most countries, capital crimes include murder, robbery with violence, and treason (Doyle 2007). At the moment, there are thirty six countries in the world that practice the death penalty. More than 100 countries have abolished the dead penaltyRead MoreDeterrence And Rational Choice Theory777 Words   |  4 Pages Throughout the world crime is happening every single day. Yes, some people may feel as if the deterrence theory does not work. Due to the fact that crime still happens in the world. This essay will look at the support for the theory. As well as the key problems for the theory. Next, it will explain some of the newest directions in deterrence/rational choice theory. Finally, it will either agree/disagree with someone’s thought on deterrence and how it does not work and is a waste of time to studyRead MorePunishing Cr iminals by Death Will Deter Future Crimes...or Not?1216 Words   |  5 Pagespunishing criminals by death will deter future crimes. The paragraph further explains how human behavior is related to acts of crime. The essay gives an example of Canada. How crime was not deterred by the imposition of death penalty as a tool used by the system of justice. The essay states some of the research that has been conducted with the intention of proving that capital punishment can deter crimes. This paper points out the effects and imposition of capital punishments on criminal activities. TheRead MoreThe Pros And Cons Of The Death Penalty1135 Words   |  5 Pagesprevent crime( the victorian underworld). in Victorian times, the death penalty was used as a means of controlling. There should be abolishment of this because of the countless innocent men and women being put to death for the stated purpose of preventing crime out of fear. So There should not be a death penalty because it violates human rights, it does not deter crime, and is a cruel and unusual punishment. To begin with the death penalty is a violation of human rights. The form of punishment violatesRead More The Death Penalty is a Necessary Deterrent to Crime Essay1712 Words   |  7 PagesThe Death Penalty is a Necessary Deterrent to Crime    Murder and rape are serious crimes, although they arent the only crimes that could be considered serious. Others that might be considered are stealing, which has numerous categories under it such as grand theft auto, etc†¦ The following story is the true account of a young female named Donna. This story tells of Donnas rape and then her murder by a man named McCorquodale and his friend Leroy. The author is telling this story in order to createRead MoreEssay about The Debate Over Capital Punishment1141 Words   |  5 Pagesover capital punishment has been raging on for countless number of years. Capital punishment has been used for thousands of years due to the physiological fear it inflicts on the people who witness and learn about the death penalty. The use of this punishment has helped to reduce crime and alter the minds of future criminals to deter them against committing heinous crimes such as murder, treason, espionage, terrorism and in some cases aggravated kidnapping. Ad vocates say it deters crime while abolitionistsRead MoreThe Death Penalty Should Be Legalized1229 Words   |  5 Pagesdeath penalty needs to be completely abolished. Their view is that is is inhumane and constitutionally unjustified. On the other hand many believe it is a source of deterrence and is the only just punishment for some crimes. When it comes down to it, the death penalty deters crime, is a fair and just punishment, and restores justice. I believe the death penalty should be legalized throughout the entire country. The death penalty has been around for a long time. It has been recorded as being around asRead MoreCapital Punishment Debate Essay756 Words   |  4 PagesCapital Punishment Debate The death penalty is a tough debate and an overwhelming argument in this country. We as Americans put Timothy McVeigh to death by lethal injection just three months ago. Arguments can be made for and against the death penalty, but this is not the problem. Capital Punishment is supposed to be a deterrent to crime, but is the death penalty really a deterrent? Capital Punishment is not a deterrent for crime, and the effects ofRead MoreEssay on Capital Punishment Should Be Abolished1108 Words   |  5 PagesCapital Punishment Should be Abolished Evidence suggests that the death penalty does not deter people from committing crimes. It is a cruel and cold blooded form of punishment and there have been instances where innocent people were sentenced to death and later found to be innocent. The most common methods of execution are hanging and shooting. Countries like the U.S. use electrocution, gas chambers and lethal injections to dispose of the convicted. Some countries, like the U.S., have tried