The author argues that there is a clear connection between the failures of development to achieve growth and reduce inequality and unemployment, and the Washington Consensus policies that were pursued. These policies which include stabilization policies, capital market liberalization, trade liberalization and privatization are each critically examined to reveal their faults and negative impacts on development. In sum, the author finds that globalization has enhanced opportunities for development, while also posing new challenges to developing countries who are facing new rules to a game designed, for the most part, by industrial countries.
