Conclusion - The high water mark of the neoliberal wave was probably the mid-1980s to the end of the 1990s, when the “Washington Consensus” was dominant.
- The 2008-9 financial crisis dented confidence in neoliberal practice.
- The Washington Consensus was replaced by a “post-Washington Consensus” – a “new institutionalist” emphasis on “second generation” institutional reforms and compensatory social programmes such as conditional cash transfers (CCTs).
- US foreign policy has changed: The “Trump Doctrine” is supposedly about a “return to national sovereignty; national interest; reciprocity in international relations and trade; burden sharing, especially in defense; and new regional partnerships for particular crises” (Kiron Skinner).
Conclusion - Is the neoliberal era over?
- Yes, if neoliberalism means the market fundamentalism of the Washington Consensus. (The latter probably never enjoyed the support of the majority in developing countries in the first place.)
- No, if neoliberalism means market-oriented development characterised by export-led growth, openness to foreign capital, and low rates of trade protection. While the latter orientation has waned in the current nationalist and protectionist climate, it is still the default position for many governments, multilateral institutions and aid agencies.
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