The purpose of this paper is two-fold. First, is to provide an empirical analysis of the implementation of economic reforms in the areas of privatization, trade liberalization, and public expenditure priorities, using the Washington Consensus guidelines. Second, is to assess to continued viability of the Washington Consensus as a model for developing economies. The two methodologies used in thi...

There is a crisis in multilateralism.  No major new binding rules relating to international commerce have come into force in more than 20 years.  Demands by some nations for rules in new areas are not being met. The negotiations in the WTO of trade rules and the negotiations under the UN Framework Convention on Climate Change to devise rules restricting the annual emissions of greenhouse ga...

Executive Overview This paper presents two competing views on China’s growth experience over the past three decades. For the sake of illustrative ease and brevity I label these two opposing views as the Beijing Consensus and the Washington Consensus. The Beijing Consensus interprets China’s economic growth as a function of innovations in the state sector, including close financial controls, sta...