DELHI CONSENSUS - INDIA'S MODEL OF ECONOMIC LIBERALIZATION
N. V. GALISHCHEVA Doctor of Economics, MGIMO (U), Ministry of Foreign Affairs of the Russian Federation Keywords: Indian economy, economic liberalization, "Delhi consensus", "Beijing consensus", "Washington consensus" The period of the 80s-early 90s of the XX century was marked by the liberalization of the economy of a number of developing countries in Africa, Latin America and Asia. Most of them, unable to solve the problem of external debt, decided to launch economic reforms under the influence of the IMF and the World Bank (WB), which offered them their own action plan. This package consisted of a number of recommendations aimed at restoring fiscal discipline in the countries (keeping the state budget deficit at a minimum level), strengthening the role of the market and reducing state interference in the economy (privatizing, reducing tax rates, liberalizing financial markets, protecting investors ' rights, deregulating the economy), as well as actively integrating the country into the global economy. agriculture (introduction of a free exchange rate of the national currency, reduction of import duties, reduction of restrictions on attracting foreign direct investment to the country)1. In 1989, the British economist John Williamson called such a plan of action the "Washington consensus" on the location of the headquarters of the IMF and the World Bank, not far from the White House. As the experience of implementing the "Washington consensus" has shown, it proved to be poorly viable and finally discredited itself during the current global financial crisis. Thus, IMF Managing Director Strauss-Kahn stated in April 2011 that " during the crisis, this set of liberal prescriptions failed, assuming that simple monetary and fiscal policies guarantee stability; deregulation and privatization lead to growth and prosperity; financial markets as channels for the flow of resources to production- page 2 The Washington Consensus is one of the definitions of Structural Adjustmen ... Read more
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Full version: https://elibrary.org.uk/m/articles/view/DELHI-CONSENSUS-INDIA-S-MODEL-OF-ECONOMIC-LIBERALIZATION
Japan Online · 237 days ago 0 211
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Tokyo, Japan
25.10.2023 (237 days ago)
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