The disappointments of the Washington Consensus have led to the search for a new paradigm to replace it. The chief failing of the Washington Consensus was that it represented an approach based on "rules of thumb". As such it was not well grounded either in economic theory or in the reality of...

"The question addressed in this paper is whether the gap in performance between the developed and developing worlds can continue, and in particular, whether developing nations can sustain the rapid growth they have experienced of late. The good news is that growth in the developing world should...