The Economics Book

IN CONTEXT

FOCUS

Economic policy

KEY THINKERS

Dani Rodrik (1957–)

Daron Acemogğlu (1967–)

BEFORE

1989 British economist John Williamson uses the term “Washington Consensus” for the first time.

2000 South African economist Nicolas van de Walle documents the failure of IMF-backed “structural adjustment” reforms in Africa.

AFTER

2009 US economists Douglass North, John Wallis, and Barry Weingast propose a new approach to reform based on societies’ responses to the problem of violence.

2011 Reform packages in Europe following the 2008 financial crisis run into opposition.

Reform is designed to kick-start an economy and benefit a whole population through the transformation ...