... developed economies with new approaches and ideas that have been implemented. Prior to the Washington consensus, development was often focussed within a national framework. The 'key ingredients' to successful development were designed in accordance with the processes industrialised countries such as the United States and United Kingdom had followed. Once identified, these processes were implemented into developing country policy with little consideration of the differences in economy, political stability and human capital (Gore, 2000). One favoured scheme was Import Substitution Industrialisation (ISI), a trade and economic policy in which a developing country should attempt to substitute its imports with locally produced substitutes (Wilkipedia, 2005). Such a policy seemed to 'make sense' and as Waterbury (1999) described, "...fitted wonderfully with politicians craving for discretion and control". This was because ISI had three major beliefs in 1. Active industrial policy to subsidise and orchestrate production of strategic substitutes. 2. protective barriers to trade (tariffs, trade ...

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