The Washington Consensus has failed to deliver positive outcomes for many countries from "summary" of Globalization and Its Discontents by Joseph E. Stiglitz
The Washington Consensus was supposed to provide a set of policy prescriptions that would lead to economic growth and development in countries around the world. However, in many cases, it has failed to deliver on this promise. Instead of promoting sustainable growth and reducing poverty, the policies associated with the Washington Consensus have often led to economic instability and social unrest. One of the main problems with the Washington Consensus is that it places too much emphasis on liberalizing markets and reducing the role of the state in the economy. While these policies may work in some contexts, they have proven to be disastrous in others. For example, in countries where institutions are weak and markets are not well-developed, rapid liberalization can lead to a concentration of wealth in the h...
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