Overview

This book examines the financialisation of global development and its evolution from the market-oriented Washington Consensus, through the Post-Washington Consensus, to the state-capitalist-oriented Wall Street Consensus (WSC) and its potential future trajectories. A central role in this process is played by Multilateral Development Banks, which have shifted from promoting industrial development in less-developed regions to mobilising international private capital backed by public guarantees.The stury advances the hypothesis that the WSC-based financialisation paradigm is self-limiting. Its structural downsides include risk transfer to the public sector, widening social disparities, dilution of climate standards, and short-term orientation. It is linked to broader challenges such as constrained economic growth, profit shifting, tax avoidance, dependency, and renewed forms of economic colonialism.As the World Bank shifts from ""billions to trillions,"" the paper examines whether WSC changes are driven by its initiators or by shifting geopolitical rivalries.The book examines China's state-led ""debt-for-growth"" development finance, its limitations, and comparisons with the Western model.

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