Turn the Wahington Consensus on its head
December 1st, 2008
Larry Elliott has said in the Guardian this morning:
the lessons of the financial crisis are instructive. Almost every piece of advice rammed down the throats of poor countries by the Washington consensus - privatise, liberalise, de-regulate - is now being turned on its head in the west.
He’s right.
But as he also notes: the IMF are still applying the Washington consensus prescription in the developing world.
This has to stop.
Now.
It has failed.
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