Notably, emerging Asian economies have tended to outperform, relative to what would be predicted based solely on their levels of income per person, say, 30 years ago. And some of the poorest countries, including a number in Africa, have continued to grow relatively slowly. So what factors – and what economic policies – differentiate the more successful performers from the less successful?
A classic attempt to generalize about the policies that best promote economic growth and development, and a useful starting point for discussion, is the so-called Washington Consensus, articulated by the economist John Williamson in 1990.4 Writing about Latin America, Williamson outlined a list of 10 broad policies to promote economic development that he judged as commanding, at the time he wrote, substantial support between both economists and policymakers.