According to Peter O’Driscoll, the Washington Consensus has brought about new rules of engagement, different from the Keynesian social contract

that combined economic growth with social improvement and provided a stable balance of power between the private and public sectors. These new rules have granted the private sector a disproportionate amount of power to the detriment of state institutions. However, it is argued that the Washington Consensus is now faltering4 and that there is a need for a ‘new social contract’ to promote equitable development in less developed nations.