24 May A post-Washington Consensus World?
The “Washington Consensus,” identified as such in 1989 by the free-market economist John Williamson, is often seen as being synonymous with neoliberalism. The term describes a set of ten relatively specific economic policy recommendations that were designed to help developing nations. They articulated the views of Washington-based international financial institutions and the key proponents of neoliberalism—the International Monetary Fund, the World Bank, and the U.S. Treasury. In more recent times, however, neoliberalism and its institutions have met growing opposition. It received perhaps its greatest blow from the 2008 global financial crisis. At the same time, the world has seen the rise of a viable alternative, namely, state capitalism.
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