ABSTRACT
The doctrinal system is also known as the "Washington consensus", which suggests something about global order. Prominent economists warned over twenty years ago that the process would lead to a low-growth, low-wage economy, and suggested fairly simple measures that might prevent these consequences. But the principal architects of the Washington consensus preferred the predictable effects, including very high profits. Changes in global order have also made it possible to apply a version of the Washington consensus at home. Profits remain "spectacular" through the mid-1996 figures, with "remarkable" profit growth for the world's largest corporations, though there is "one area where global companies are not expanding much: payrolls", the leading business monthly adds quietly. There is a great deal that is new and significant, but the belief that things are “out of control” is not very credible, even if the people keep to existing mechanisms.
