The Post-Washington Consensus: Brand New Agenda or Old Wine in a New Bottle?
Has a constructive post-Washington Consensus actually been formed? The author of this paper cautiously believes it has. It is a consensus that recognizes the role of the state, the benefits of industrial policy, and the dangers of rapid deregulation, but that is also grounded in neoclassical principles, which produced the first Washington Consensus. Will the compromise prevail?