Chronicle of a Myth Foretold

Chronicle of a Myth Foretold

The Washington Consensus in Latin America

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During the 1990s, the United States encountered an unprecedented economic upsurge. The duration and scope of this boom led many policymakers in D.C., to believe they had finally found a magic formula for sustained economic growth and seamless national development. Labeled the Washington Consensus, this free-market approach was a shift away from regulation and government intervention toward allowing the markets work themselves out on a global level. Was it magic? After all, this was an era where the markets for goods, services, capital, and labor burst forth from North America, Western Europe, ...