Premium Essay

Washinton Consensus

In: Business and Management

Submitted By obiyogeorge
Words 1883
Pages 8
George Obiyo
Varieties of Capitalism
A synthesis essay on Washington Consensus, Ways of achieving a fiscal discipline, Fundamentalism (arguments against), Difference in European Liberalism and A post Washington consensus with empirical evidence on economic development.
A) Washington consensus was a term created in 1989 by an English Economist John Williamson which focused on 10 relatively specific forms of economic policy that could help to promote developing countries that are in economic crisis. It was based in Washing D.C USA by institutions such as the US Treasury Department, World Bank and International Monetary Fund (IMF). Williamson three main idea were based on the Macroeconomic discipline, the development and expansion of market forces around the domestic economy and the high degree of economic openness in and around the world.
The ten policy reforms centers on: 1. Fiscal Policy – Constructive monetary discipline while avoiding a high rate of deficit : with a high deficit it could lead to balance of payment crisis with relatively high inflation that in most cases only affect the poor class as the rich are able to transfer their money overseas 2. Public Expenditures Priorities – The government should be neutral by eliminating or reducing in terms of non-merits subsidies and give more focus to pro-growth and pro-poor way policies example sectors like health, Education and infrastructure. Where health can close the gap between inequalities as the poor can cheaply afford medical care without the need of oversea treatment, Education creates human capital and the Infrastructure brings a long run benefits 3. Tax Reforms -- A situation where the tax based needs a broadening and the marginal tax rate be moderate. 4. Interest Rate –- The financial market of the domestic economy should be liberalized. In other words the market should be left to...

Similar Documents

Free Essay

Washinton Consensus

...THE UNIVERSITY OF NEW SOUTH WALES AUSTRALIAN SCHOOL OF BUSINESS SCHOOL OF BANKING & FINANCE FINS 3650 / FINS 5550 INTERNATIONAL BANKING Course Outline Semester 2, 2011 This Part A is specific to this course. Part B relating to general bumpf is separately posted. TABLE OF CONTENTS   1.  Lecturer Contact Details 2.  Course Details 2.1.  Teaching Times and Locations — FINS 3650 2.2.  Teaching Times and Locations — FINS 5550 2.3.  Units of Credit 2.4.  Summary of Course 2.5.  Course Aims and Relationship to Other Courses — FINS 5550 2.6.  Course Aims and Relationship to Other Courses — FINS 3650 2.7.  Student Learning Outcomes 2.8.  ASB Graduate Attributes 3.  Learning and Teaching activities 3.1.  Lectures, Preparation, and Postparation (a new work I just made up) 3.2.  Course Materials 3.3.  The Lectures Themselves 4.  Assessment 4.1.  General Approach 4.2.  Formal Requirements 4.3.  Examination Details 4.4.  Assignment Submission Procedure 4.5.  Late Submission 4.6.  Quality Assurance 5.  Course Evaluation and Development 6.  Other Thoughts 6.1.  Inappropriate Behaviour 6.2.  Workload 6.3.  Attendance 7.  Course Topics 7.1.  Introduction to International Banking 7.2.  Bank Regulation, Risk, and Capital Management 7.3.  Interest Rates 7.4.  Liquidity 7.5.  Credit 7.6.  Trading and Investment Banking 7.7.  Securitisation and the Global Financial Crisis 7.8.  Payments 7.9.  Operational Risk 7.10.  Money Laundering 1  1  1  1  1  1  2  2  2  2  3  3  3  4  4  4  4  5  6 ......

Words: 3334 - Pages: 14

Free Essay

Week 3 Team

...Re-organization and Layoff: Issue and Problem Identification PHL/320 Re-organization and Layoff: Issue and Problem Identification In Week Two, Team D discussed the article Mismanaged layoffs can go ‘horribly wrong’ (Bouw, 2013.) The initially chosen focus of the group discussion was the potential ramifications of poorly handling the conversation terminating the employee. Reflecting on the article through further group discussion, and realizing the scope of the team’s initial impression is limiting the problem to a small component of the larger issue, Team D asserts the broader issue is that employers often turn to downsizing as the go-to method of cutting costs. Experts in the Bouw article provide evidence that knee-jerk layoffs to appease shareholder are often a mistake and cite why. Through the collaborative process of discussion, the team benefits from gaining confidence in the decision to change the focus of issue exploration from miscommunicating when firing to the drawbacks of layoffs. By clearly defining the problem that was not immediately apparent, Team D can now concentrate on discussing practical solutions for the broader underlying issue of unnecessary downsizing. Problem Identification The first step to successfully tackling any problem is identifying it. According to Dr. Henry Hornstein, downsizing within a company should be the last resort if cost cutting is necessary (Bouw, 2013.) He hypothesizes that it is approximately a 50 percent......

Words: 1026 - Pages: 5

Premium Essay

Re: Re: Topic 1: Discussion Question 1

...which communication occurs primarily online or, at a distance. Even if you are enrolled in a course that meets weekly, conflicting schedules can make it difficult to arrange outside meetings with your group members. However, with proper planning and clear communications, teams can work effectively and efficiently with little or no face-to-face contact. Achieving good outcomes requires that individuals with different strengths, weaknesses, and perspectives come together to arrive at consensus. Several tools have been created to help your group get started, get organized, and stay on task. With these tools and tips, you will find that working as a team of educated professionals is not only more efficient but more rewarding as well. This professional collaboration is after all, the nature of nursing. Nurses work with others to help others. Working in teams produces the best outcome for patients and the nursing profession. The first step in working effectively as a team is to arrive at consensus. Before the real work begins, the entire group must agree on fundamental aspects of the work to be done. Together, the group must decide: What the outcome or final product should look like? What the objective is and what method should be used to achieve it? Who should be responsible for doing what tasks, given their experience and talents? What approach should be used when attempting to solve a problem or conflict within the group? Collectively, this process is called “group......

Words: 605 - Pages: 3

Free Essay

Groupthink

...Groupthink is the concept of having many people go along in agreement with a decision essentially because, either someone of authority has spoken and others are afraid to contradict their idea, or because in the silence of a discussion, each individual believes that others agree with the “apparent” consensus and don’t want to demolish the group cohesiveness . For example, have you ever thought about raising an issue or question in a group meeting, but then abstained because you didn’t want to destroy the consensus view the team had spent considerable time forming, or because you didn’t want to appear to be the only unsupportive member of the team? Conversely, have you ever been a manager who has had to force a team through change when clearly the team was hesitant and not expressing their true opinions? or have you ever been in a situation where you have a team school project and all of you just agree with a certain suggestion because you just want the meeting to be done as soon as possible? The answer to these questions is groupthink. Along with this, the only thing that can help managers combat the groupthink effects is staying aware of the number of key indicators, or symptoms that this mentality presents. The four main symptoms of groupthink are:  illusion of invulnerability, self censorship, direct pressure and an illusion of unanimity. One of the most dangerous symptoms of groupthink is the illusion of invulnerability, in which the entire group believes to have...

Words: 534 - Pages: 3

Free Essay

Women Makes a Better Manager

...The issue of when women are the leader an organization is becoming a good reason to discuss with. According to (Cohen & Huffman, 2007; Brenner and colleagues, 1989) concluded that today’s female manager expected to treat their colleagues both men and women fairly in promotion, selection and placement decisions. There is no such biased in career. Talent does not discriminate gender. Everyone can be a good manager. But to be a good manager the person need to have several things such as skills, talent and the ability in managerial. Besides, leadership roles that is the trait to lead others shown by women through their leadership style can empower followers, building trust and innovative which suited to business challenges nowadays (Eagly & Carli, 2007). Organization that do not pay a proper attention to this talent- management issue, will suffer because they fail to keep up with others in the movement of the world today, especially to their competitors. Organization need to work even harder to attract, develop and to retain the best candidates to serve as the next generation of leaders. In the history of various cultures, women have always excelled than men. According to the list of Fortune 1000 list of companies publishes by Fortune Magazine, women hold 4.6 percent of Fortune 1000 list of CEO position. Despite of being minority in managerial world, women make a better manager because they are highly motivated, easy to communicate, have the power to convince people and have a......

Words: 1793 - Pages: 8

Premium Essay

Failures Paper

...Failures Paper Charles Persinger University of Phoenix POS/355 Jeff Rugg April 28, 2014 Simply put, distributed computing is allowing computers to work together in groups to solve a single problem too large for any one of them to perform on its own. Distributed computing is not a simple matter of just sticking the computers together. For a distributed computation to work effectively, those systems must cooperate, and must do so without lots of manual intervention by people. This is usually done by splitting problems into smaller pieces, each of which can be tackled more simply than the whole problem. The results of doing each piece are then reassembled into the full solution. As handy as a distributed system can be there are a there are four main issues you could face: Operating system failures, Hardware Failures, Omission Failures and Byzantine Failures. Crash failures are caused across the server of a typical distributed system and if these failures are occurred operations of the server are halt for some time. Operating system failures are the best examples for this case and the corresponding fault tolerant systems are developed with respect to these affects. Hardware failures used to be more common, but with all of the recent innovations in hardware design and manufacturing they tend to be fewer and far between with most of these physical failures tending to be network or drive related. With more hardware the probability goes up that there......

Words: 747 - Pages: 3

Premium Essay

Bba110

...MQC 022010 ICT1 ESSAY 1: PART 1: COMMON TRENDS IN THE USE OF TEAMS ▪ USE OF TEAMS BEYOND FORMAL WORK GROUPS - EMPOWERMENT ▪ CROSS FUNCTIONAL –IMPROVING ORGANISATIONAL INTEGRATION, ADAPTIVE DESIGN, DEALING WITH ORG. AS A SYSTEM ▪ E’ee INVOLVEMENT T. – INCREASE E’ee PARTICIPATION ACROSS ALL AREAS OF ORG, INNOVATION ▪ VIRTUAL T. – IT AS AN ENABLING PROCESS, DEALING WITH COMPLEX ENVIRON’T, DIVERSITY & BROADER RANGE OF TALENT, EFFICIENT ▪ SELF-MANAGED T. – REPORT TO HIGHER MGT, NOT MID/LOW LEVELS, PARTICIPATION, EMPOWERMT, INTERNAL SUPERVISION, FAST & PROCESS COMPLETE, BEST PRACTICES BC INTERNAL CONTROL & DIRECTION, HIGHLY MOTIVATING, CREATIVE PROBLEM SOLVING, UNLIMTED CAPACITY ▪ COMMITTEE – SPECIAL/LIMITED TASK, ONGOING BASIS, NARROW AGENDA, DEALS WITH ISSUES, PROBLEM SOLVING CAPACITY ▪ PROJECT/ TASK FORCE – DIVERSE SKILLS OF MEMBERS, SPECIFIC PURPOSE, MEM’s HAVE EXPERTISE ACROSS RANGE OF AREAS & ABILITIES PART 2: CHALLENGES OF TEAM MANAGERS ▪ DECISION MAKING PROCESS ▪ GROUP THINK ▪ SOCIAL LOAFING ▪ UNEVEN PARTICIPATION ▪ LACK OF COMMITMENT ▪ LACK OF INVOLVEMENT ▪ LACK OF PURPOSE ▪ LACK OF SENSE OF RESPONSIBILITY FOR OWN TASKS OR TEAMS SUCCESS ▪ AGGRESSION ▪ INTERNAL COMPETITION ▪ WITHDRAWAL PART 3: SOLUTIONS TO ABOVE ▪ CLARIFY GOALS & PROVIDE DIRECTION ▪ CLARIFY DESIRED LEVEL OF ACCOMPLISHMENT ▪ DECREASE GROUP NUMBER ▪ SELECT STRONG & COMMITTED T. LEADER ...

Words: 735 - Pages: 3

Free Essay

Maths

...EPA /EA Semester 2 Sample poster Note: This is not meant to be an example of the perfect poster. But, you will see that it draws out a number of economic concepts, and shows their relevance to this particular story. This poster demonstrates an understanding of course material and avoids frivolous discussion of noneconomic issues. Furthermore, this poster discusses a relevant news article from a reputable source. NB: Economic Welfare is not a topic you can select – this sample project is meant to illustrate what sort of analysis is expected. Topic Selected: Economic Welfare Fuelling Controversy The Economist 11 January 2014 Overview of Article  Many governments subsidise fuel consumption.  However, many countries that currently subsidise fuel are starting to reverse course.  In June 2013, Indonesia increased fuel prices by 44% and decreased their total subsidy cost by $20 billion annually.  Malaysia also reduced fuel subsidies – household energy bills increased by 15% as a result.  Egypt and India are considering following suit.  The key rationale to these governments of removing subsidies was to decrease the budget deficit. Effects of Fuel Subsidy According to Article  The article discusses that there are many other benefits to reducing fuel subsidies. o Fuel subsidies generate deadweight loss. o Fuel subsidies make inequality worse – it is mostly the rich that benefit (the rich use fuel disproportionately more). o Removal of fuel subsidies will allow...

Words: 750 - Pages: 3

Free Essay

The Good Life

...Tina Bai Knowledge, Reality, Self Professor Georg Theiner 10/1/12 The Implication of Plato’s “Allegory of the Cave” In The Republic, Plato reveals the overwhelming ignorance of humanity through the allegory of the cave. Plato summarizes his viewpoint of society as a whole through this allegory, portraying the human race as imprisoned in the chains of oblivion, unaware of its own inhibited perspective. A more contemporary philosopher, Umberto Eco, also criticized the state of society in a similar fashion in Travels in Hyperrreality; describing the overwhelming trend of “horror vacui.” The allegory of the cave reveals the importance of education in the journey towards enlightenment-only through instruction can individuals recall the inherent knowledge of the Forms. The significance of the allegory is rooted in Plato’s belief that there exist inherent truths hidden under the superficial surface of society that only enlightened individuals can uncover through education. Plato’s allegory of the cave follows as thus: A cluster of prisoners, having been enclosed in a cave since birth, has never laid eyes on any kind of daylight. Furthermore, these individuals are prevented from turning their heads to look to either side by their bonds, and can consequently only envision what lies straight ahead. Lying posterior to the shackled prisoners is a fire which is subsequently anterior to a wall. A collection of statues sojourn on the top of the wall and are manipulated by a......

Words: 1935 - Pages: 8

Free Essay

3 Team

...Stages of Team Development By: Kelly Graves “The Corporate Therapist™” Look through this model with your leadership and management teams to locate where you think you are in your organizations’ stage of development. Next, use it to help you improve your leadership and management effectiveness. Forming The initial forming stage is the process of putting the structure of the team together. Team members enter with ambiguous feelings and attitudes. Conflict is avoided at all costs because of the need to be accepted into the group. Team members reflect not only on the tasks at hand, but also about each other. Feelings and Thoughts Observable Behaviors Team Needs Leadership Style Required Excitement, anticipation, and optimism Suspicion, fear, and anxiety about the job ahead Tentative attachment to team Why am I here? Why are they here? What is expected of me? How much influence will I have? How much am I willing to give? Politeness Guarded; Sporadic participation Attempts to define tasks and decisions on how it will be accomplished Attempts to establish acceptable group behavior Abstract discussions of concepts and issues Discussion of symptoms and problems not relevant to the task; difficulty in identifying relevant problems Complaints about the organization Decisions on what information needs to be gathered Impatience with discussion Team mission and purpose Team membership Team goals and objectives Measurement and feedback Definition of roles and responsibilities...

Words: 1644 - Pages: 7

Premium Essay

Team Dynamics

...A bridge named consensus Team Dynamics Week 3-05-13 How do most people start their day? Maybe they have a cup of coffee first. Perhaps, they walk the dog and then re turn home to watch the news. Well it’s definitely how I start my day and like clock work a story of a nation in gridlock is broadcasted. Whether, it’s about the nations growing debt, gun control, or climate change, it is clear we are split down the middle on how to handle it all. You wonder if anyone has ever heard of the word “consensus”. Of course the leaders of our nation have, yet most if us are not sure how it works and most importantly, how it’s built. Consensus building is all about collaborating to resolve conflicts. It’s a healthier alternative to problem solving, because it involves all parties and its members to devise plans amicably.  Examples of consensus building efforts include the international negotiations over limiting chlorofluorocarbons (CFCs) to protect the ozone layer, or negotiations about limiting the emission of greenhouse gasses (University of Colorado, 1998). Once all members of the consensus team shared their ideas the step by step procedure can take place to resolve the matter at hand. Consensus building is not simple, but if it’s coordinated properly consensus decision making can solve dire issues that could change the world. First, consensus building is carried out by a mediator or a facilitator. The mediator or facilitator is usually someone who is part of......

Words: 1189 - Pages: 5

Premium Essay

Consensus

...A bridge named consensus Erica Davis Team Dynamics Week 3-05-13 How do most people start their day? Maybe they have a cup of coffee first. Perhaps, they walk the dog and then re turn home to watch the news. Well it’s definitely how I start my day and like clock work a story of a nation in gridlock is broadcasted. Whether, it’s about the nations growing debt, gun control, or climate change, it is clear we are split down the middle on how to handle it all. You wonder if anyone has ever heard of the word “consensus”. Of course the leaders of our nation have, yet most if us are not sure how it works and most importantly, how it’s built. Consensus building is all about collaborating to resolve conflicts. It’s a healthier alternative to problem solving, because it involves all parties and its members to devise plans amicably.  Examples of consensus building efforts include the international negotiations over limiting chlorofluorocarbons (CFCs) to protect the ozone layer, or negotiations about limiting the emission of greenhouse gasses (University of Colorado, 1998). Once all members of the consensus team shared their ideas the step by step procedure can take place to resolve the matter at hand. Consensus building is not simple, but if it’s coordinated properly consensus decision making can solve dire issues that could change the world. First, consensus building is carried out by a mediator or a facilitator. The mediator or facilitator is usually someone who......

Words: 1191 - Pages: 5

Premium Essay

Management by Consensus: a Rationale by Technique

...Term paper Management by Consensus: A rationale by technique. Submitted By: HasanuzzamanRahib ID: 3-09-17-031 EMBA Program, Summer- 2012 Course title: Advanced Management Department of Management Studies University of Dhaka Dhaka, Bangladesh 2012. Introduction: The working worlds of our businesses and organizations are becoming increasingly more complex. One of the immediate consequences is the acceleration of change processes. Sensible error tolerance, on the one hand, as well as quick and constructive problem solving procedures on the other will thus be indispensable for forward looking management. The old-fashioned autocratic manager who ruled with an iron hand and controlled everything from the top has pretty much vanished from the management scene. There is no doubt that today's enterprises operate far more humanely than did their old school predecessors, at least on the surface. Consensus management is gaining ever more recognition in business as a success factor in dealing with conflicts and creating personal responsibility. Here the selective application of external moderation, individual and group discussions enhances the dialogue, cooperation and structuring capacities of the conflicting partners. The direct recourse to moderated methods makes for surprisingly quick and long term stable agreements and transfer. Consensus Management: Consensus management means that when a decision is reached by the group, there is total commitment to it by all...

Words: 3335 - Pages: 14

Premium Essay

Consensus and 12 Angry Men

...group decision. The story goes that 12 jurors must reach a verdict that could require the death penalty for an 18-year-old defendant charged with stabbing his father to death. The jurors must reach consensus—the verdict must be unanimous. When they begin their deliberations, 11 vote guilty. Only one sees the case differently and is open to considering that there may be reasonable doubt. He raises his concerns about the trial, the evidence, and the performance of the boy’s lawyer, and continues to ask questions for the others to consider. He also takes the extra effort to provide evidence of his own, for example, purchasing the identical knife used in the murder at a local pawn shop (this knife was purported to be unusual and one of a kind) and pacing the distance the witness claimed he crossed in 15 seconds. It actually took 3 times longer. He wasn’t the strongest voice nor the most passionate believer. He simply had a reasonable doubt and he felt he owed it to the boy on trial to ensure there was sufficient discussion to justify their verdict. He did not bully the others to come to his conclusions, but he stood firm against the bullying of others who would shut down the discussion just to be done with it. Collaborative groups use consensus for decision making. To reach consensus, each individual must say that they will support the decision. The decision does not have to be their first choice, but they must agree they can accept it. If anyone does not agree, the group......

Words: 867 - Pages: 4

Premium Essay

Neoliberal Economic Model

...It is understood that the general characteristic of neoliberalism is to emphasize and expand the market by increasing transactions and conducting trades to help reinforce the economic power of the latter. Every action is a competitive, market transaction that can occur in a short time or at a fast rate. Economic policies that are promoted by governmental organizations like IMF and structural adjustment programs adequately re-distribute resources from the poor to the rich, which may create poverty and inequality. However, the repayment of debt from these governmental organizations has resulted in deproletarianization. The neoliberal economic model is deemed unsustainable because not all countries have access to the same resources and benefits. In addition, neoliberalism does not fully account for gender and racial divisions of labor that is an obvious feature in the global economy. For example, many people who are already living in poor countries who need to obtain access and control over resources they need to survive such as, food, water, shelter, and clothing are limited and declining. This issue of inequality is focused on women because they are often responsible for providing food and other necessities for their families. In order to overcome inequality and reach a balance of accessing resources and government benefits within countries and people, re-distribution should be overturned. Obtaining access to resources and a healthy environment is a product of human rights and...

Words: 291 - Pages: 2