ABSTRACT
You have just finished a trip with us to the late 1980s. There, in a chapter that subjected the Washington Consensus to critique, we concluded that there were serious external constraints to a model that encouraged nations to shift resources toward exports—from growing protectionism in richer countries to increased substitution for raw-material exports. But our critique was hardly the dominant view. Instead, the Washington Consensus continued to expand, gaining great momentum and converts in the process.
