Chapter 3 Overview of the Second Wave of Reforms in the 1980s and Early 1990s: The Market as the New Driver of Development

Abstract

During this period, the International Monetary Fund (IMF) and the World Bank emerged as the most influential donors shaping PSRs. The reforms that these donors promoted in developing countries were dedicated to freeing markets from government's regulatory grip. During this wave of reforms, the primary measure of development was the level of economic growth driven by the private sector rather than by government. Previously, the assumption had been that government was the main driver of economic growth, but now it was believed that unleashing entrepreneurs’ creative energy would induce growth.

Citation

Baimyrzaeva, M. (2012), "Chapter 3 Overview of the Second Wave of Reforms in the 1980s and Early 1990s: The Market as the New Driver of Development", Baimyrzaeva, M. (Ed.) Institutional Reforms in the Public Sector: What Did We Learn? (Research in Public Policy Analysis and Management, Vol. 22), Emerald Group Publishing Limited, Leeds, pp. 35-50. https://doi.org/10.1108/S0732-1317(2012)0000022005