The future of the international financial system

In 1989, John Williamson summarized a "Washington Consensus" on what policies developing countries should undertake to stimulate economic growth given the international financial system. Unfortunately, the experience of the 1990s demonstrated that the international financial system is seriously flawed, and this has contributed to the failure of many developing nations to benefit from the Washington Consensus. This paper explains why these failures have occurred and what we should do about it.