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