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434 6. The Withering of Neoliberalism and Its Tattered Legacy
4 . Grzegorz W. Kolodko and Walter McMahon, “Stagfl ation and Short-
agefl Kylos , 40, no. 2 (1987): 176–97. ation: A Comparative Approach,”
5 . One of the most famous curves in the history of economic thought, the
Phillips curve, illustrating the infl ation/unemployment relation, was sprung
upon the world by the New Zealand-born economist Alban W. Phillips in an
article published in a British journal in 1958: “The Relationship Between Un-
employment and the Rate of Change of Money Wages in the United Kingdom
in 1861–1957,” Economica , 25, no. 100 (1958): 282–299.
6 . Edmund S. Phelps, Infl ation Policy and Unemployment Theory (New York:
W.W. Norton, 1972). The announcement of the award of the Nobel Prize em-
phasized the fact that Phelps’s work had led to a deeper understanding of the
relationship between short- and long-term economic policy. Phelps also wrote
about optimizing the distribution of national income (global output) and
capital accumulation (the so-called golden rule of accumulation).
7 . David Harvey, A Brief History of Neoliberalism (New York: Oxford Uni-
versity Press, 2005), pp. 62–63.
8 . Views in favor of or opposed to the “Washington Consensus” are sur-
veyed in Grzegorz W. Kolodko, Post-Communist Transition and Post-Wash-
ington Consensus: The Lessons for Policy Reforms , [in] Mario I Blejer and Marko
Skreb, eds., Transition: The First Decade (Cambridge, MA: MIT Press, 2001),
pp. 45–83. Joseph E. Stiglitz subjects the Consensus to a thoroughgoing cri-
tique in Making Globalization Work (New York: W.W. Norton, 2007).
9 . John Williamson coined the term Washington Consensus in the late 1980s.
For the theoretical underpinnings and the interpretation of this concept in eco-
nomic policy, as well as an interpretation of these interpretations by the man
who invented the term, see his Differing Interpretations of the Washington Consen-
sus [in] Distinguished Lectures Series No. 17 (Warsaw: Leon Kozminski Academy
of Entrepreneurship and Management [WSPiZ], 2005), www.tiger.edu.pl.
10 . On the basis of his own experience, John Perkins writes about the delib-
erate forcing of poor countries into the debt trap and the methods used along
the way in Confessions of an Economic Hit Man (San Francisco: Berrett-Koehler,
2004).
11 . There is already an extensive literature on the issue, including Olivier
Blanchard, The Economics of Post-Communist Transition (New York: Oxford
University Press, 1997); Marie Lavigne, The Economics of Transition: From
Socialist Economy to Market Economy (Chatham, Kent: Macmillan Press, 1995);
Kazimierz Poznanski, Poland ’s Protracted Transition: Institutional Change and
Economic Growth (Cambridge: Cambridge University Press, 1995); and Vladi-
mir Popov, Shock Therapy versus Gradualism Reconsidered: Lessons from Transi-
tion Economies After 15 Years of Reforms, TIGER Working Paper Series 82 (War-
saw: Leon Kozminski Academy of Entrepreneurship and Management, 2006),
www.tiger.edu.pl.
