The London Consensus
Tim Besley, Irene Bucelli, Andrés Velasco (eds.)
London: London School of Economics, 2025
Preface
The year 2025 marks three-and-a-half decades since the publication of John Williamson’s essay on the Washington Consensus. The ideas contained in that essay have many advocates and also plenty of critics, but there is no denying they have been extremely influential as a list of do’s and don’ts in economic policy and development.
Mindful of that anniversary, in May 2023 we convened a conference at the London School of Economics and Political Science (LSE), whose aim was to bring together a group of economists and other social scientists to explore what would constitute a new consensus in their respective areas of expertise. In most topics, we also sought the views of discussants.
We did not provide an overall conceptual framework for the conference or a template for the individual contributions. These were entirely developed by the authors in the spirit of provoking discussion, and the meeting fostered a lively exchange of ideas. Many authors chose to edit their contributions in line with the comments that they received at the conference and afterwards. The book is a record of that exchange, but the events and debates that motivated it continue to evolve. The next phase of the project will be disseminating these ideas and to respond to a fast-moving policy landscape. Only time will tell how well the ideas in this book stand the test of time and whether they prove influential.
The project would not have been possible without the generosity and vision of LSE Emeritus Governor, Benefactor and Alumnus Mario Francescotti. His leadership in establishing the research programme on Renewing the Social Contract at LSE launched this process of academic enquiry. His support has been crucial throughout the project, from the original conference in 2023 to the turning of the papers into the present volume. We acknowledge his support with gratitude.
LSE is a cosmopolitan hub for contrasting policy ideas, but also a place where diverse views co-exist in a collegial way. The School’s motto is rerum cognoscere causas, Latin for ‘to know the causes of things’. This book follows in that tradition. Its success will be judged by the debate that it fosters.
Tim Besley
Irene Bucelli
Andrés Velasco
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