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What is the Washington Consensus?
A 10-point economic policy promoted for Latin American recovery from the 1980s financial
crises. It included fiscal policy discipline, tax reform, privatization of state enterprises,
and greater public spending on education, health care and infrastructure investment.
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By Colin Hottman
Arden Hills, Minnesota
Economics, Math
After Mac: Economics PhD, Columbia University
The International Roundtable is an annual Macalester event in which world-class scholars
converge for a weekend of enlightening discussion about a thematic global issue. The 2008 discussion focused on development
and globalization. Along with Macalester professor Amy Damon, I responded to the presentation by Ravi Kanbur on “The
Co-Evolution of the Washington Consensus and the Economic Development Discourse.” I felt well prepared to respond because every course at Macalester had challenged me to
think critically about both global and local issues, drawing on analytical skills and knowledge from economics and political
science classes, among others.
My response pointed out both important lessons to learn from Professor Kanbur and the limitations of his historical approach.
I was surprised to learn from Professor Kanbur’s presentation that the original formulation of the Washington Consensus was not the market fundamentalism that people associate with it. John Williamson originally coined the term to describe a set of policy prescriptions that included, among other things, reordering public expenditures in a way that benefits the poor. Macalester is a unique institution. The college-wide emphasis on internationalism and global citizenship not only provides opportunities for intellectual discovery such as the International Roundtable, but also challenges students to strive for the highest standards in our service to others. Combine this with a student body that has a genuine thirst for knowledge, and it makes Macalester a transformative experience both inside and outside the classroom. I will never look at the world the same way again.
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