The agenda of neoliberal market reform known as the Washington
Consensus, which was meant to turn around the economies of
developing and postcommunist countries and provide the bedrock of
economic success on which stable democracies could be built, has
largely proved to be a failure, with Russia and many Latin American
countries like Argentina left in severe economic crisis by the end
of the 1990s.
Some proponents of neoliberal reform, such as Anne Krueger, have
attributed this failure to the piecemeal and incomplete
implementation of reform measures, while others, including Nobel
Prize economist and former World Bank vice president Joseph
Stiglitz, have pointed to technical flaws in the policies. While
both of these assessments focus narrowly on economic factors, Luigi
Manzetti highlights the crucial importance of political
institutions and processes to a fully adequate explanation. His
argument is that the ideology of neoliberal reform, rooted in the
theories of Friedrich von Hayek and Milton Friedman, assumed
political checks and balances that did not exist in many of these
countries undergoing market reform, and that only by taking
political accountability as an influential variable in the equation
for success can we really understand what happened. Where
accountability was weak, patterns of corruption, collusion, and
patronage worked to undermine the intended aims of market reform.
Manzetti uses both large N statistical analyses and small N case
studies (of Argentina, Chile, and Russia) to provide empirical
evidence for his argument.
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