Ever since the Washington Consensus became the hottest brand on the policy block, wonks of the world have competed to define their idea as the next big thing. And what better way to market your idea than to tag it a “consensus,” suggesting that it’s a grand unifying theory? In an attempt to help you sort through the hype, FP presents its exclusive Field Guide to the Consensuses.

WASHINGTON CONSENSUS
The consensus that started it all. John Williamson of the Institute for International Economics coined the term in 1990 to describe the policy prescriptions of the World Bank, the International Monetary Fund (IMF), and various Latin American economists. Inspired by the long struggle against Latin American debt, it encouraged developing countries to adopt 10 market-based prescriptions, including fiscal discipline, deregulation, and privatization. However, the failure of some economies that were supposedly following the Washington Consensus model—notably Argentina and Indonesia—contaminated the brand itself. As Williamson laments, the Washington Consensus became synonymous with a “dogmatic commitment to the belief that markets can handle everything.” However, many of the individual ideas remain sound and discretely popular.

MONTERREY CONSENSUS
In March 2002, 171 nations agreed to what should perhaps be called the “feel-good” consensus, but it is more commonly known as the Monterrey Consensus. It was the result of the U.N.-sponsored International Conference on Financing for Development, held in Mexico. Its biggest fans include U.N. ...