Journal

Volume 72, #2

     “Economic Sciences: theory and practice” is scientific, refereed, biannual journal. The Journal of “Economic Sciences: theory and practice” has been founded by Azerbaijan State University of Economics in 1994.              
The Journal has been received to registration in the centre of international ISSN (International Standard Series Number, ISSN-2220-8739). Also, it has been included by the Supreme attestation Commission under the President of Azerbaijan Republic to the list of scientific publications on economic sciences.


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THE RISE OF NEW INSTITUTIONAL ECONOMICS AND ASSESSMENT ITS CONTRIBUTIONS TO THE POST WASHINGTON CONSENSUS

Bahruz Natig Babayev MSc, Azerbaijan State University of Economics (UNEC)


 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.

Key words: Post Washington Consensus, New Institutional Economics, institutions, World Bank, International Monetary Fund, Consensus.

JEL classification: B52, 017