Monday, April 14, 2008

There Goes the Washington Consensus

By Tony Karon

"The International Monetary Fund warns that spiraling food inflation threatens the survival of 100 million people; the World Bank warns that it could bring down some 33 governments.

The interesting thing, though, is that solving this particular crisis will require that the World Bank and IMF abandon the economic orthodoxy that they imposed globally during the 1990s — the “Washington consensus,” that frowns on things like government spending on feeding the poor......"

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