ABSTRACT
This chapter seeks to situate the emergence of the post-Washington Consensus within development policy discourse and practices. It charts the rise of the Washington Consensus and the way in which notions such as good governance and ownership became promoted in development rhetoric, as the Washington Consensus was extended across a broader policy terrain. The chapter discusses the nature and significance of the post-Washington Consensus against the backdrop of changing global development financing realities. It reviews the uneven and shifting relationship between the rhetoric, scholarship and policies in practice of the World Bank against the backdrop of a constantly evolving neoliberal world. The publication of the Berg Report indicated the rise of 'monoeconomics' in development economics. The idea came to prevail that 'economic rationality' characterized agents across time and regions, and that the economic logic of individual optimization leading to social optima characterized economic interactions in the developed as well as developing world.
