Research seems to suggest that as liberal economic policies begin to dominate the international arena it is the elite that seem to benefit while the working class is witnessing an increase in poverty.
Research seems to suggest that as liberal economic policies begin to dominate the international arena it is the elite that seem to benefit while the working class is witnessing an increase in poverty. In other words, Washington Consensus seems to be increasing the gap between the rich and poor not just between the developed and developing countries but also within countries, both developed and developing. Provide evidence to support the above statement. What can be done to counter this trend? Give reasons to support your answer.
In the past, countries have used different approaches to development (economic liberal perspective, import substitution, export promotion, self-reliance (mixed approach). However, there is no consensus on the best model that would lead to sustained growth. The matter is further complicated by the need for sustainable development that would keep concerns about the environment at the center of development debate. What path do you see forward for countries pursuing strategies for growth and development? Use examples to support your answer. Can the IMF/World Bank and or New Development Bank play an important role in this pursuit?
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