February 03, 2026

New Ideas on Development after the Financial Crisis

24 minutes

A collaborative effort between the Bernard Schwartz Forum on Constructive Capitalism and the Center for Global Development, examines the profound implications of the 2008–2009 financial crisis for global development strategies. It explores how the crisis challenged the dominant free-market capitalist model and the "Washington Consensus," prompting a reevaluation of state intervention and the emergence of alternative approaches like the European social model and authoritarian state capitalism. The authors discuss the shifting landscape of global economic governance, the need for organizational capability in policy implementation, and the role of labor mobility in fostering development, while also highlighting the particular experiences and policy adjustments made by regions such as China and Latin America in response to the economic upheaval. Ultimately, the volume reflects on whether the crisis will serve as a catalyst for a new era of global cooperation and a revised understanding of sustainable growth.

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