Status of Washington Consensus

Erosion of Washington Consensus

Washington Consensus born in Reagan administration, consolidated by Bill Clinton. Has foundered during presidency of George W. Bush. The rest of world is now suspicious of the US. Moral authority has collapsed.

Legacy of occupation of Iraq

Hugely unpopular in Iraq, U.S., EU, and rest of world. Moral legitimacy of U.S. has waned. Allies hard to recruit. And what of Iran?

Historical shift in U.S. Congress in November, 2006

Thus, oversight, challenge to brief hegemony of Neo-conservative.

George W. Bush, promoter of Neo-conservativism, now a lame duck

Neo-conservativism and Neo-liberalism without a champion. Bush injured.

U.S. unilateralism unravelling

Diverse centers emerging: PanRegionalism, subnational movements, G-77, Latin America

Structural Adjustment challenged

SAPs challenged effectively, globally.