Addressing global development issues : experiences gained and lessons learnt

The Economic reform agenda formulated in the 1980's by "Washington Consensus" group (The IMF, The World Bank, The US Treasury and John Williamson of Washington Institute) was primarily designed for its implementation in debt ridden Latin American Countries by their leaders to rescue these economies form total economic collapse. However the agenda of "Washington Consensus" spread beyond the shores of Latin America to be eventually embraced by the global community as its agenda for implementation of economic reform measures in both developed and developing countries under the term "Globalisation". The Globalisation agenda was being marketed as a panacea for all economic ailments around the globe. But during the last two decades since the late 1980's the developing countries have gained varied experiences in their efforts to implement the reform agenda prescribed "Globalisation". In the following section we summarise these experiences gained by developing countries and the lessons that can be learnt from these experiences.