Abstract:Today the Washington Consensus on development lies in tatters. The recent history of the developing world has been unkind to the core claim that a nation that opens its economy and keeps government's role to a minimum invariably experiences rapid economic growth. The evidence against this claim is strong: the developing world as a whole grew faster during the era of state intervention and import substitution than in the more recent era of structural adjustment (1990)(1991)(1992)(1993)(1994)(1995)(1996)(1997)(… Show more
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