Mr. Murphy really hates the Washington Consensus. For it’s a set or largely sensible rules which say less Curajus State an more markets. So, of course, he hates it. It also works:
Sustained economic reform significantly raises real GDP per capita over a 5- to 10-year horizon.
Despite the unpopularity of the Washington Consensus, its policies reliably raise average incomes.
Countries that had sustained reform were 16% richer 10 years later.
They don;t actually mean 16% richer. They mean 16% richer than places which didn’t follow the Washington Consensus.