In 1989, three Washington based institutions, the International Monetary Fund, World Bank and the US Treasury Department, developed the set of neoliberal reforms, which for almost twenty years was establishing and promoting the expansion of free market and globalization. This…
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Liberalization, deregulation, and privatization are a large part of the push for a neo-liberal economic agenda by its proponents to get “official authorities [to] create an enabling environment for markets and then let the private sector supply the social good with (according to the theory) maximum efficiency” (Scholte 2000, p.285). Krugman (1995) states in spite of possible and actual negative outcomes, governments have been eager to adopt the programs outlined by the leaders of the Washington consensus at the same time markets have been busy dumping money into reforming economies for two main reasons. The first is the speculative bubble in the financial markets. The second has more to do with sociological rather than economic perceptions in that the seemingly endless number of meetings, negotiations, and press releases concerning financial and related markets converged into a commonsense understanding of economic opinion. In addition, governments adopted the prescribed programs because markets were rewarding those who adopted and embraced these programs. According to Krugman (1995, np), “[p]eople believe certain stories because everyone important tells them, and people tell those stories because everyone important believes them. Indeed, when a conventional wisdom is at its fullest strength, one’s agreement with that conventional wisdom becomes almost a litmus test of one’s suitability to be taken seriously.” It became difficult to question or stand against, and easier to support this common wisdom, thus further reinforcing it. Hence, the Washington consensus has been embraced even if its program results have had devastating effects on many countries and eventually on the United States in the year 2008.
In 2008, the collapse of key American financial organizations sent the global financial system into free fall as credit began to freeze and trillions of dollars in shareholder value were wiped out. ...
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