This’ll piss Ritchie off

Mr. Murphy really hates the Washington Consensus. For it’s a set or largely sensible rules which say less Curajus State an more markets. So, of course, he hates it. It also works:

Sustained economic reform significantly raises real GDP per capita over a 5- to 10-year horizon.


Despite the unpopularity of the Washington Consensus, its policies reliably raise average incomes.


Countries that had sustained reform were 16% richer 10 years later.

They don;t actually mean 16% richer. They mean 16% richer than places which didn’t follow the Washington Consensus.

9 thoughts on “This’ll piss Ritchie off”

  1. The Washington Concensus
    Point 1
    Fiscal policy discipline, with avoidance of large fiscal deficits relative to GDP

    Like say 60%% , the guidance supplied by the EU.This is not an great surprise as the Washington DC based bodies responsible include the World Bank and IMF both of whom are ,(apparently) ,verminous remainy liars. This may be loosely translated as supporters of orthodox economic common ground opposed only by Marxists far right cranks and liars.
    The UK now has a debt at about 85% of GDP and faces a double hit of Brexit and ongoing pandemic blight.I recall that two elections were fought on the grounds New Labour were squandering with debt /GDP never above 35%

    Point 2
    Redirection of public spending from subsidies (“especially indiscriminate subsidies”) toward broad-based provision of key pro-growth, pro-poor services like primary education, primary health care and infrastructure investment

    Very sound ( and the EU requirement to which Bunter the Cunter cannot be reconciled ) , intellectual and real infrastructure not National vanity projects. Instead of which this Blundering Boris and Cunt Cummings want to be able to throw borrowed money at the industries they know perfectly well they have destroyed. They intend to buy a safe distance between cause and affect then they will quietly drop them. This why they cannot close a deal.
    This in turn is why they have been obliged to break the law by backing out of an agreement they have only just signed.

    Tax reform, broadening the tax base and adopting moderate marginal tax rates
    Obviously correct

    Trade liberalization: liberalization of imports, with particular emphasis on elimination of quantitative restrictions (licensing, etc.); any trade protection to be provided by low and relatively uniform tariffs;

    Instead of which we have the most protectionist Government of my lifetime and beyond , prepared to throw away the Single Market which is exactly this .
    Again it is the unwillingnes of this government to make the real life choices this freedom requires that created the Ireland border problem solved by a border in the North Sea they now also cannot accept.

    Deregulation: abolition of regulations that impede market entry

    Need I say more ,no other trade organisation approaches the achievements of the EU in this regard, other than the UNITED STATES of AMERICA .Which also works well

    The Washington consensus is right at the centre of calm moderate modern capitalism , exactly the rational enlightened internationalist approach Tim Worstall has so energetically opposed.

    Harrumph

  2. Newmania, you need to calm down. Fair point about the deficit; but the rest of your post is hogwash. The EU is viciously protectionist and mercantilist: Brussels is very happy to make its people poorer, providing inefficient industries are protected.

  3. Dennis, He Who Made His High School Typing Team

    The Washington consensus is right at the centre of calm moderate modern capitalism , exactly the rational enlightened internationalist approach Tim Worstall has so energetically opposed.

    Go back and read what Timmy said: Mr. Murphy really hates the Washington Consensus. For it’s a set or largely sensible rules which say less Curajus State an more markets. So, of course, he hates it.

    Two Points:
    (1) Timmy stated he generally likes the Washington Consensus in no uncertain terms.
    (2) You can’t fucking read.

  4. @Newmania – farmland owner subsidies are the EU’s biggest budget item. Can you explain why the centralised to Brussels policy of handouts delivers better outcomes than the two most obvious alternatives?

  5. Dennis – It is the inconsistency I am pointing out- Some people elevate ethnic purity above prosperity ,sell old ladies golden age fantasies, open the public spending taps and encourage both cultural, economic protectionism ( oh yes they do…aka import subsidisation ) .They pretend foreigners steal our jobs houses and NHS beds. Other people are in favour of free trade moderate taxation and rational evidence based policy and broadly …..civilisation. ( Moi )
    You cannot be both.
    Bongo – The Uk also subsidises farming on a grand scale and has undertaken to continue to do so not one bit less.
    No doubt this is sub optimal but the point about free trade is that you have to agree with countries that EXIST.Not conduct an infantile exercise in” Oh why can`t everyone agree with me ” .
    Similarly Brexit offers gaseous waffle about global Britain as opposed to actual real paying customers.( A point that has been made explicitly on Conservative home )
    Would you care to guess which is the more valued of the two in the real world ?

  6. No, you didn’t point out an inconsistency. You made shit up… Why? Because your intellectual limitations and personal prejudices , both of which are substantial, simply don’t allow you to imagine a functioning economy system outside the EU.

    And the EU isn’t “international”… it’s regional.

    And the issue isn’t “ethnic purity” (Britain is multicultural), it’s national interest.

  7. @Newmania – The UK has agreed to continue farmland owner subsidies at the same level and using the same criteria as now on a short term basis. But the UK is not a member for practical purposes soon. Nevertheless farmland owner subsidies are still the EU’s biggest budget item. Can you explain why the centralised to Brussels policy of handouts delivers better outcomes for its members than the two most obvious alternatives? Concentrate on the question dear boy. Do not live in fear. Living under your own rules is going to be ok.

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