Neoliberalism, Accountability, and Reform Failures in Emerging Markets: Eastern Europe, Russia, Argentina, and Chile in Comparative Perspective

The agenda of neoliberal market reform known as the Washington Consensus, which was meant to turn around the economies of developing and postcommunist countries and provide the bedrock of economic success on which stable democracies could be built, has largely proved to be a failure, with Russia and many Latin American countries like Argentina left in severe economic crisis by the end of the 1990s.

Some proponents of neoliberal reform, such as Anne Krueger, have attributed this failure to t...