Shared norms and principles of regime

-          Developed (or industrialized) states have an obligation to assist developing states

-          Economic development will improve global economic growth

-          Poverty harms economic growth

-          Raising standards of living is element of development

-          Goal is “poverty reduction”


Contested norms and principles


 “
Washington Consensus”

-          develops in the late 1970s

-          Market institutions are the best means to growth

-          Income equality should be subordinated to growth

-          Fiscal austerity is necessary 

-          Political stability is necessary (authoritarian rule is OK)

-          promotes “structural adjustment” of economies


 “Sustainable Development

-          promote development that meets the needs of present generation without compromising ability of future generations to meet their needs

-          Market institutions often fail

-          Free trade may harm resources and local markets

-          Income equality leads to faster growth

-          Austerity undermines social development

-          Environmental harm should be calculated

-          Democracy protects citizens


New Agenda

-          Millennium Development Goals (UN-wide program)

-          Poverty reduction through partial debt forgiveness

-          Building healthcare infrastructure (HIV/AIDS)

-          Greening of development: more environmental concerns

-          Multilateral environmental accords will have major development implications