Answer:
APPROACH AND STRUCTURE
1. Write an introduction.
2. Write some basics about globalization.
3. Then write about Washington consensus.
4. Interlink them and show origin.
5. Comment (view) part: Write globalization has other dimensions also.
6. Conclude.
INTRODUCTION: Globalisation as a phenomenon emerged during 1990s influenced by Neo Liberal Philosophy/New Rights Philosophy.
BODY: Ali Farazmand has defined globalization from an interdisciplinary perspective and gave a compr-ehensive view:
- it is internationalisation of administration;
- spread of liberal democratic values;
- phenomenon based on western liberal values;
- integration of one’s economy with the global economy.
In essence, globalization is a process to achieve the idea of Globalism-a borderless world.
Washington consensus, 1989
The Washington Consensus refers to a consensus between the Washington based international institution viz World bank, IMF and US Treasury over a set of 10 principles of free-market economic policies. A British economist named John Williamson coined the term Washington Consensus in 1989. The ideas were intended to help developing countries that faced economic crises. In summary, The Washington Consensus recommended structural reforms that increased the role of market forces in exchange for immediate financial help. Some examples include freefloating exchange rates and free trade. The original Washington consensus was later augmented with 10 more principles and is subsequently called Augment Washington Consensus.
Context: How it emerged?
Developments of 1970s/80s like Public Choice Approach and Thatcherism/Reaganism gave rise to Structural Adjustment Programme(SAP) suggested by WB and IMF. Since, both had the Headquarters were in Washington DC, therefore, the views represented in the consensus by WB and IMF was nothing but New Right Philosophy which ultimately gave rise to LPG and SAP. So, all developments can also be summarised as Washington Consensus.
Further, WC gave rise to the phenomenon of interconnectedness of the world known as globalisation which profoundly affected PA in terms of discipline and practice that it became more global in outlook. At the same time, in practice, it resulted into overall efficiency of administration.
Comment part: Although WC was a major factor for initiation of globalisation yet it would be incorrect to say that WC was the only cause for globalisation. Other developments like market economy, NRP/NLP etc. also contributed to the growth of globalisation. WC was a causative factor which roots were in the New Right Philosophy led by Friedman, Nozick and Hayek.
CONCLUSION: Globalisation and Washington Consensus both led the world to be rooted in rapid flow of men and material. The role of state was challenged by market philosophy which eventually gave rise to the Strong State vs Market Debate. However, from a hindsight perspective, there is correction in the WC 1.0 by WC 2.0 which has come in the aftermath of post-globalisation.
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