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This chapter examines the emergence of neoliberalism in development economics and development stu... more This chapter examines the emergence of neoliberalism in development economics and development studies, and the implications of the neoliberal transition across both scholarship and policy-making. It argues that the meaning and significance of neoliberal theory and its policy implications have shifted over time, place and issue, and that there can be inconsistencies across its component parts. These are, often, due to tensions between the rhetorical and policy worlds built by the advocates of neoliberalism and the realities of social and economic reproduction in the so-called "developing" countries. Examination of these tensions can help to illuminate the weaknesses of the Washington consensus, the reasons for its displacement by the post-Washington consensus led by Joseph Stiglitz, and the ensuing disputes between the post-Washington consensus and its predecessor around the shortcomings of "deregulation", and the desirability and optimal extent of state intervention in the economy. The chapter concludes that the differences between the Washington consensus and the post-Washington consensus have been overblown and, in particular, that they share much the same conception of development and attachment to neoliberalism, and the same limited commitment to democracy. However, because of its greater plasticity the post-Washington consensus is better positioned to weather the criticisms levelled against the Washington consensus, especially after the impact of the economic crisis starting in 2007.
This chapter examines the emergence of neoliberalism in development economics and development stu... more This chapter examines the emergence of neoliberalism in development economics and development studies, and the implications of the neoliberal transition across both scholarship and policy-making. It argues that the meaning and significance of neoliberal theory and its policy implications have shifted over time, place and issue, and that there can be inconsistencies across its component parts. These are, often, due to tensions between the rhetorical and policy worlds built by the advocates of neoliberalism and the realities of social and economic reproduction in the so-called "developing" countries. Examination of these tensions can help to illuminate the weaknesses of the Washington consensus, the reasons for its displacement by the post-Washington consensus led by Joseph Stiglitz, and the ensuing disputes between the post-Washington consensus and its predecessor around the shortcomings of "deregulation", and the desirability and optimal extent of state intervention in the economy. The chapter concludes that the differences between the Washington consensus and the post-Washington consensus have been overblown and, in particular, that they share much the same conception of development and attachment to neoliberalism, and the same limited commitment to democracy. However, because of its greater plasticity the post-Washington consensus is better positioned to weather the criticisms levelled against the Washington consensus, especially after the impact of the economic crisis starting in 2007.