Séminaire du Professeur Invité Yaroslav Romanchuk

Le 3 avril 2017

Why the Washington Consensus Failed in the Post-Soviet Countries

Jaroslav Romanchuk Executive Director of Analytical Center “Strategy” (Belarus)

Key words:

Centrally planned economy, Washington consensus, unconstrained power of the state, government failure, economic calculation, structure of capital.

Abstract:

The Western academic analytical and policy making institutions and organizations failed to offer the post-Soviet countries in transition a sound theory of systemic institutional transformation. The “Washington consensus” was a declarative, formal and impractical set of propositions the implementation of which led to negative consequences, constantly recurring crises and high costs of living and doing business. We analyze the nature of “Washington consensus” and the consequences of its implementation. We argue that the application of the core development economics principles and policies to the post-Soviet countries in transition contributed to the formation of oligarchic authoritarian states with corruption, capital structure distortions, low competitiveness and social vulnerabilities.