Malaysia, Thailand and Indonesia have been touted as models for other developing countries of how liberalisation can bring faster growth and greater equity. In fact their performance has been mixed and often inferior to other Asian economies, notably in structural change, tax reform, industrialisation, education and democratisation. Liberalisation and globalisation in finance, trade and investment has harmed redistribution and growth, as well as a country’s ability to “catch up,” except where governments have successfully intervened. The Washington Consensus and its argument that there is no alternative must be rejected. A solution must be founded on greater government competence, transparency and accountability, along with technology and a revival of regional and international solidarity and co-operation ...
