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The 'Washington Consensus' is dead. But what should replace it?

We need a new vision for global economic governance that is guided by the principle of subsidiarity.

The 'Washington Consensus' is dead. But what should replace it?
Image: Jonny Goldstein, CC BY 2.0
Published:

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This article is part of a series by openDemocracy and the Bretton Woods Project on the crisis of multilateralism. The views expressed are those of the author's only, and are not necessarily representative of either organisation.

The upsurge of progressive economic proposals over the past few years in the face of austerity, stagnating living standards and rising inequality is inspiring. However, these tend to be nationally focused, while visions for a fair and sustainable new global economy are less abundant. Criticism of globalisation is now most vocal from the far right, and progressives seemed to have joined hands with market liberals to defend globalisation.