Reject the Washington consensus

Economist Ha-Joon Chan states in a Guardian opinion piece that ‘it is time to reject the Washington consensus’. He comments on the development agenda that Korea is pushing in the G20. Development gains should be made mostly on economical grounds, he argues, that is what the example of Korea’s success story itself is teaching us. Investing in infrastructure, the private sector, food security, education and easier market access is not enough. Rather than continuing to champion free trade the G20 should consider protection of infant industries as a viable strategy. And the world leaders should realize that moving away from aid does not mean that cash is no longer needed.