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The Other canon against Washington consensus: Re-industrialization as a condition for revival and development

Bukvić, Rajko (2010): The Other canon against Washington consensus: Re-industrialization as a condition for revival and development. Published in: 8th International Conference Forces Driving the Revival of the Companies and Economy No. Megatrend University, Belgrade, 2010 (2010): pp. 267-276.

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Abstract

The paper considers the problems of the alternatives to the mainstream in recent economic thought, that resulted in Washington Consensus. The results of the reforms in so called post-communist countries, based on Consensus, showed, with some exceptions, that these countries realized deep and long-term economic fall, followed by similar processes in other spheres. Contrary to ordinary opinions that transition crisis show as result of inconsistency in reforms taking, this is normaly its result. As an analogue is the Morgenthau’s plan for West Germany observed, that has promoted Germany to industrial disarmament, and that would lead to its poverty and its transformation into raw material basis for the developed economies, and to impossibility of survival of the existing number of population. Fortunately for the Germany, Morgenthau’s plan was abandoned and Marshall’s plan was introduced. It lead to industrial renewal of Germany. For the transition countries it is also necessary, considering the practice and basic principles of the Other Canon, which have they origins as far as from the economic policy of Henry VII, to acess re-industrialization in the same way, which is the necessity for renewall of economies, and for overcoming the long-term crisis.

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