Economic sciences from the perspective of the New Washington Consensus

Abstract

Objectives The article's objective is to reconstruct and evaluate the Washington Consensus in force over the last few decades, compared to the New Washington Consensus. Material and methods The adopted research perspective consisted of identifying these two economic orders' theoretical assumptions to indicate their similarities and differences. It is complemented by describing the real conditions in which the planned change takes place. A comparative analysis of both types of economic order was made using a review of the subject literature. Results The result of the conducted considerations is the identification and assessment of the assumptions of the so-called New Washington Consensus and determining the conditions for its implementation. Conclusions In the face of the ongoing turbulence and changes not only in the global economic system but also in the political and social system, the proposal of the New Washington Consensus seems to be an acceptable proposition for the majority of the international community. However, this condition is not met by the proposal referred to as the so-called Beijing Consensus.

Keywords

• economic order
• washington consensus
• new washington consensus
• economic sciences
• conditions of economic processes