Santiago Consensus is also an alternative to Washington Consensus. The term Santiago Consensus was given by then World Bank Group President D. Wolfensohn in Santiago for the developing countries.
The main view of Santiago Consensus:
The main idea of the Santiago model is “inclusion” which should be both economic as well as social.
- Though it is a socio-economic development model and it is bound to have its local characteristics.
- This way, it looks similar to the Beijing Consensus which also includes social overtones.
In addition to financial resources, the world bank proposed to harness the incredible power of information technologies and the new spirit of openness and partnership to make knowledge of global best practices in development accessible to all. World bank initiated to build of an internal architecture of a ‘Knowledge bank’ for the purpose.
The proposal – Santiago Consensus – from the World Bank inspired the world governments to focus more on aspects of inclusive social-economic growth. As it focuses on the inclusion of both the financial reforms as well as social reform aspects
In India also the government is launching the third gradation of economic reforms in 2002 which was aimed at making the models of reforms inclusive in nature.
You can also read:
Thank you 🙂