The Washington Consensus as a prescription for Arab oil-exporting countries: A critical evaluation
Arab oil exporting countries have been advised by the IMF to diversify their economies away from oil and that the way to do that is to adopt the ten principles of the Washington Consensus, which call for liberalization, deregulation and privatization. It is not clear how measures like these are cond...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Elsevier
2023-12-01
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| Series: | Research in Globalization |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2590051X23000655 |
| _version_ | 1797394796815319040 |
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| author | Imad A. Moosa Ibrahim N. Khatatbeh |
| author_facet | Imad A. Moosa Ibrahim N. Khatatbeh |
| author_sort | Imad A. Moosa |
| collection | DOAJ |
| description | Arab oil exporting countries have been advised by the IMF to diversify their economies away from oil and that the way to do that is to adopt the ten principles of the Washington Consensus, which call for liberalization, deregulation and privatization. It is not clear how measures like these are conducive to economic diversification, but the message is obvious—that diversification cannot be done without giving the private sector the driving seat and without the participation of multinationals through foreign direct investment. This paper presents a critical evaluation of the advice given by the IMF to Arab oil exporting countries and conveys a simple message to policy-makers in those countries: that they should handle with care the advice received from the IMF. |
| first_indexed | 2024-03-09T00:24:55Z |
| format | Article |
| id | doaj.art-1135a7c40d44470f9a3e35c6e35e2511 |
| institution | Directory Open Access Journal |
| issn | 2590-051X |
| language | English |
| last_indexed | 2024-03-09T00:24:55Z |
| publishDate | 2023-12-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Research in Globalization |
| spelling | doaj.art-1135a7c40d44470f9a3e35c6e35e25112023-12-12T04:35:33ZengElsevierResearch in Globalization2590-051X2023-12-017100175The Washington Consensus as a prescription for Arab oil-exporting countries: A critical evaluationImad A. Moosa0Ibrahim N. Khatatbeh1Department of Economics, Kuwait University, Kuwait, KuwaitDepartment of Banking and Financial Sciences, Business School, The Hashemite University, Zarqa, Jordan; Corresponding author at: Department of Banking and Financial Sciences, Business School, The Hashemite University, Zarqa, Jordan.Arab oil exporting countries have been advised by the IMF to diversify their economies away from oil and that the way to do that is to adopt the ten principles of the Washington Consensus, which call for liberalization, deregulation and privatization. It is not clear how measures like these are conducive to economic diversification, but the message is obvious—that diversification cannot be done without giving the private sector the driving seat and without the participation of multinationals through foreign direct investment. This paper presents a critical evaluation of the advice given by the IMF to Arab oil exporting countries and conveys a simple message to policy-makers in those countries: that they should handle with care the advice received from the IMF.http://www.sciencedirect.com/science/article/pii/S2590051X23000655O1O2F4 |
| spellingShingle | Imad A. Moosa Ibrahim N. Khatatbeh The Washington Consensus as a prescription for Arab oil-exporting countries: A critical evaluation Research in Globalization O1 O2 F4 |
| title | The Washington Consensus as a prescription for Arab oil-exporting countries: A critical evaluation |
| title_full | The Washington Consensus as a prescription for Arab oil-exporting countries: A critical evaluation |
| title_fullStr | The Washington Consensus as a prescription for Arab oil-exporting countries: A critical evaluation |
| title_full_unstemmed | The Washington Consensus as a prescription for Arab oil-exporting countries: A critical evaluation |
| title_short | The Washington Consensus as a prescription for Arab oil-exporting countries: A critical evaluation |
| title_sort | washington consensus as a prescription for arab oil exporting countries a critical evaluation |
| topic | O1 O2 F4 |
| url | http://www.sciencedirect.com/science/article/pii/S2590051X23000655 |
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