What should the 2023 Washington Consensus be?

Lawrence H. Summers, Charles W. Eliot University Professor and president emeritus at Harvard University, delivers the inaugural lecture of the new annual Richard N. Cooper Lecture at the Peterson Institute for International Economics (PIIE) on September 18, 2023.

Much discussion has focused on the need for a new Washington Consensus that would move away from the commitment to internationalism, open markets, economic efficiencies, and consumerism that have been the hallmarks of American economic policy since the end of the Cold War. Summers argues that while changing the approaches that dominated in the 1990s is important and necessary, the recent US emphasis on manufacturing is not a promising route to greater prosperity. There is a strong case for measures like the Inflation Reduction Act and the CHIPS act, but it rests on their ability to address environmental and security issues rather than on their contribution to raising middle class living standards.

The lecture begins with special remarks by PIIE nonresident senior fellow and director emeritus, C. Fred Bergsten.

A Q&A with PIIE president Adam S. Posen follows.

SPEAKER

Lawrence H. Summers
Charles W. Eliot University Professor and President Emeritus,
Harvard University

The Richard N. Cooper Lecture was established at PIIE by Jin C. Cooper in 2023 in honor of her late husband, a renowned economist, pathbreaking researcher, distinguished public servant, and longtime board member, adviser, and friend of the Institute and the many colleagues here who worked with him. Dick Cooper, as he was widely known, left a legacy in the field of economics while enriching the lives of his many students, colleagues, and friends. The Institute is honored to celebrate his work with this annual lecture series.

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