The author discusses the failure of the "Washington Consensus" in promoting economic growth and proposes a new consensus where the state plays an active role. He argues that the Washington Consensus, which emphasized liberalization, macroeconomic stability, and price stability, is incomplete and sometimes misguided. The author highlights lessons from the Asian financial crisis, noting that while the East Asian economies did not strictly follow Washington Consensus policies, they achieved remarkable development. The current crisis in East Asia is not a refutation of the East Asian Miracle, as the region's economic growth remains unparalleled. The author emphasizes the need to broaden development goals to include sustainable, egalitarian, and democratic development. He also stresses the importance of financial regulation, competition policy, and the role of the state in complementing the private sector. The author argues that the Washington Consensus's focus on inflation and budget deficits is not sufficient for long-term economic growth and that financial sector reform, competition, and effective regulation are essential. The author also discusses the importance of competition in a market economy, the challenges of privatization, and the need for appropriate regulation in natural monopolies. The author concludes that the Washington Consensus is incomplete and that a new consensus is needed to address the complexities of modern economic development.The author discusses the failure of the "Washington Consensus" in promoting economic growth and proposes a new consensus where the state plays an active role. He argues that the Washington Consensus, which emphasized liberalization, macroeconomic stability, and price stability, is incomplete and sometimes misguided. The author highlights lessons from the Asian financial crisis, noting that while the East Asian economies did not strictly follow Washington Consensus policies, they achieved remarkable development. The current crisis in East Asia is not a refutation of the East Asian Miracle, as the region's economic growth remains unparalleled. The author emphasizes the need to broaden development goals to include sustainable, egalitarian, and democratic development. He also stresses the importance of financial regulation, competition policy, and the role of the state in complementing the private sector. The author argues that the Washington Consensus's focus on inflation and budget deficits is not sufficient for long-term economic growth and that financial sector reform, competition, and effective regulation are essential. The author also discusses the importance of competition in a market economy, the challenges of privatization, and the need for appropriate regulation in natural monopolies. The author concludes that the Washington Consensus is incomplete and that a new consensus is needed to address the complexities of modern economic development.