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Concept
John Williamson (economist)
Summary
John Harold Williamson (June 7, 1937 – April 11, 2021) was a British-born economist who coined the term Washington Consensus. He served as a senior fellow at the Peterson Institute for International Economics from 1981 until his retirement in 2012. During that time, he was the project director for the United Nations High-Level Panel on Financing for Development in 2001. He was also on leave as chief economist for South Asia at the World Bank during 1996–99, adviser to the International Monetary Fund from 1972 to 1974, and an economic consultant to the UK Treasury from 1968 to 1970. He was also an economics professor at Pontifícia Universidade Católica do Rio de Janeiro (1978–81), University of Warwick (1970–77), Massachusetts Institute of Technology (1967, 1980), University of York (1963–68) and Princeton University (1962–63).
He is best known for defining the "Washington Consensus" in 1989. He made 10 rules that were imposed by the World Bank, the International Monetary Fund and the US government on developing nations. He came to strongly oppose the way those recommendations were actually imposed and their use by neoliberals.
John Harold Williamson was born in Hereford in 1937. He graduated from Hereford High School for Boys and had originally planned to study civil engineering. However, his headmaster convinced him to do economics and he decided to attend the London School of Economics. He graduated with a B.Sc. in economics in 1958.
Following graduation, Williamson served two years of compulsory military service in the Royal Air Force. He conducted operations research at the Department of the Scientific Adviser to the Air Ministry in Whitehall. He then attended graduate school at Princeton University, graduating with a Ph.D. in Economics in 1963. He was influenced by courses he took with well known economists, including Oskar Morgenstern, William Baumol, and Richard E. Quandt. His dissertation, entitled “Patent Licensing and Royalty Terms”, explored proposed new theoretical foundations for patent-licensing policy and royalty provisions.
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