Munich Personal RePEc Archive

The Rise of New Institutional Economics and Assessment its Contributions to the Post Washington Consensus

Babayev, Bahruz (2015): The Rise of New Institutional Economics and Assessment its Contributions to the Post Washington Consensus. Published in: The Journal of Economic Sciences: Theory and Practice , Vol. 72, No. 2 (2015): pp. 87-97.

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Abstract

The main objective of this article is to describe the rise of New Institutional Economics (NIE) and assess its contributions to the Post Washington Consensus (PWC). This paper argues that the rise of the NIE has provided theoretical ideas for the PWC, but it is still debatable how the contributions of the NIE are effective to tackle development challenges. However, these contributions can still be considered important in the development thinking and their accurate application and implementation in various traditional societies can have long term development impact.

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