Cambodia and the "Washington Consensus"

Abstract

Cambodia's economic progress from 1993 to the end of 1995, though limited and short-lived, was encouraging. By employing an analytical framework adapted from John Williamson's discussion of the "Washington Consensus," I examine the aspects of Cambodia's domestic economic reform policies during the 1993-95 period. I also consider the country's politico-economic position at that time relative to the ASEAN member nations. It is argued that the Consensus reforms, combined with Cambodia's then-prospective membership in ASEAN, had the potential to boost not only the country's own economic development but also that of the ASEAN Free Trade Area, to be established in the year 2003. Finally, I suggest that Cambodia can still realize the reform goals it had during the period under consideration.