自生能力经济转型与现代经济学的反思和扩展-Dipartimento.DOC

PAGE PAGE 28 Forthcoming in Journal of Economic Policy Reform The Washington Consensus Revisited A New Structural Economics Perspective Justin Yifu Lin Abstract The Washington Consensus reform resulted in economic collapse and stagnation in many transition economies and “lost decades” in other developing countries in 1980s and 1990s. The paper provides a new structural economics perspective of such failures. The Washington Consensus reform failed to recognize that many firms in a transition economy were not viable in an open, competitive market because those industries went against the comp