Futuríveis

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The “Washington Consensus” – stabilise, privatise and liberalise – is dead. Long live the new pragmatism. That is the message of “the growth report” released this week by the commission on growth and development chaired by the Nobel laureate, Michael Spence.

No single recipe will secure sustained and rapid economic growth in poor countries, it argues. Governments have to choose from a variety of ingredients. Yet only governments can do so. They “are sometimes clumsy and sometimes errant”, but “active, pragmatic governments” are indispensable.

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They have come to two broad conclusions: first, fast and sustained growth “requires a long-term commitment by a country’s political leaders”; second, it depends on sustained engagement with the global economy, as a source of both knowledge and demand.

Beyond this, the report identifies a number of ingredients in the growth pie. No country, it notes, has sustained rapid growth without high rates of public investment in infrastructure, education and health. Furthermore, growth means profound structural change. Policy must allow this to happen, while doing what it can to protect people.

The commission also emphasises that “growth strategies cannot succeed without a commitment to equality of opportunity” and action against extreme inequality of outcomes. Meanwhile, the inclination to leave the environment aside at the early stages is a huge mistake.

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Growth challenge; Financial Times

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