The thesis looks into factors that have resulted in the failure of Washington Consensus policies ... more The thesis looks into factors that have resulted in the failure of Washington Consensus policies prescribed by International Financial Institutions (IFIs). The IFIs consider free trade, investment, privatization, and deregulation as key to removing impediments to the development of host countries. From a Law and Development perspective, the thesis argues for review of these policies, and suggests reforms in the institutional design, governance, and redefined role of IFIs and national governments. At host countries' current stage of development the adoption of free trade policies based on comparative advantage will lock them in dead end professions or industries with low rates of return, and they will no longer be competitive in industrial production and international trade. After providing historical analysis of the economic policies of the developed countries the thesis argues that developed countries selectively adopted free trade to achieve their economic goals. The developing countries should also selectively structure creative
The thesis looks into factors that have resulted in the failure of Washington Consensus policies ... more The thesis looks into factors that have resulted in the failure of Washington Consensus policies prescribed by International Financial Institutions (IFIs). The IFIs consider free trade, investment, privatization, and deregulation as key to removing impediments to the development of host countries. From a Law and Development perspective, the thesis argues for review of these policies, and suggests reforms in the institutional design, governance, and redefined role of IFIs and national governments. At host countries' current stage of development the adoption of free trade policies based on comparative advantage will lock them in dead end professions or industries with low rates of return, and they will no longer be competitive in industrial production and international trade. After providing historical analysis of the economic policies of the developed countries the thesis argues that developed countries selectively adopted free trade to achieve their economic goals. The developing countries should also selectively structure creative
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Papers by Irfan Reayat