The Washington Consensus actually did work after all new paper by and HT
Increases in national economic freedom substantially increase economic growth #SocSciResearch
"Sustained economic reform significantly raises GDP per capita over a 5- to 10-year horizon. Countries that had sustained reform were 16% richer 10 years later. Despite the unpopularity of the Washington Consensus, it reliably raises average incomes."
This new paper from is great: they find that significant/sustained improvements ("jumps") in economic freedom ("EFW," as measured in the Fraser/Cato annual report) generate substantial gains in economic growth & living standards: /1
The Washington Consensus Works: Causal Effects of Reform, 1970-2015
"The Washington Consensus Works" "Sustained economic reform significantly raises real GDP per capita over a 5- to 10-year horizon."
Paper: The Washington Consensus Works: Causal Effects of Reform, 1970-2015 * Economic reform raises real GDP per cap over 5- to 10-years * Washington Consensus policies reliably raise average incomes * WC Countries were 16% richer 10 years later
Increases in economic freedom cause medium-term increases in GDP pc. . Sep 2020