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The article provided, written by Shashi Tharoor, discusses the decline of the Washington Consensus (WC)—a set of neoliberal economic policies that dominated global development for decades—and the emergence of a more fragmented, "post-Washington" era. The Washington Consensus: From Orthodoxy to Obsolescence 1. What was the Washington Consensus? Coined in 1989, the WC refers to 10 economic policy prescriptions promoted by the IMF and World Bank for developing countries in crisis. Its core mantra was "Liberalise, Privatise, and Deregulate." * Key Pillars : Fiscal discipline, tax reform, trade liberalization, openness to Foreign Direct Investment (FDI), and privatization of state enterprises. * The Goal : To trigger growth through "trickle-down" economics and market efficiency. 2. Why did it fail? The article argues that the WC was a "one-size-fits-all" remedy applied without regard for local contexts. * Systemic Shocks : It led to des...