End of the 'Washington Consensus'?


By johnsaunders - Posted on 13 November 2010

The Guardian's leader today raises the intriguing possibility that this week's G20 summit in Seoul marks the demise of the so called 'Washington Consensus', or US neo-liberalism writ large, if you prefer.

The idea is that the fact that there was no big story is the big story, because it means the US coulnd't simply steam-roller its way to getting what it wanted. Other nations (read China) stood their ground. But if this does, indeed, mark "the end of a period of US dominance" (The Economist writes, this week, that "America’s unipolar moment has passed"), what next? And more importantly, will the world be any better off for it? Or, rather, does it augur "a period of national and regional indecision that makes solutions to the world's economic woes more elusive than ever"? Interesting, and scary, times.