| Summary: | The term Washington consensus has took on many different meanings since it emerged
in the arena of development economics three decades ago. To the author himself, the
term refers specifically to a list of ten policy recommendations, which he formulated.
To the Bretton Woods institutions, the term instead relates more to neoliberalism with a
different set of policies proposed as evident in their structurally adjusted programmes.
To many others, the term simply means the unwavering support for the market and the
disdain for any non-market factors, including the government. The role of the
Washington consensus in the developing world has raged much debate both among
policymakers and academic scholars alike, and the conclusion arrived at is the popular
belief that the Washington consensus is indeed dead and over. As the developing world
prepares to enter into a post-Washington consensus era, it is an appropriate moment to
take a step back and trace the intention of the original Washington consensus and follow
through the developments that have unfolded before considering if the Washington
consensus is truly a mistake in development economics and is best left forgotten or if it
has indeed made positive contributions in shaping the developing world at the end of the
previous millennium.
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