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date: 12 December 2019

Abstract and Keywords

Abstract: A principal approach to theorizing about economic reform in developing countries has been to assume that market-oriented policies have the properties of public goods, in that their benefits are widespread and their costs concentrated. However, recent scholarship suggests that skepticism about the benefits of these policies has entered the mainstream, calling into question this benchmark approach to reform. In the context of ongoing debate over which policies are best for developing countries, this chapter offers a framework for future study of reform, arguing that while past work has yielded important insights into how societal divisions and institutional characteristics affect reform, these insights now need to be combined with scholarship on how governments learn about policies and form preferences regarding them.

Keywords: political economy, market-oriented reforms, Washington Consensus, public goods, economic reform, economic policy, economic growth

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