Archive · 27 Dec 2025
London Consensus Aims to Redefine Global Economic Principles
A group of 55 economists from around the world, including 20 from emerging economies, met at the London School of Economics to create a new set of economic principles called the 'London Consensus'.
This is a response to the 'Washington Consensus', which was created in the late 1980s and has been influential in shaping economic policies worldwide.
The London Consensus aims to address current economic challenges, such as slow productivity growth and poor labor markets, by focusing on wellbeing, growth, resilience, politics, and state capability.
The principles are designed to be flexible and applicable to different countries, unlike the more prescriptive Washington Consensus.
The economists hope that democratically-elected governments will adopt these principles to guide their economic policies.
The London Consensus is a new set of economic principles developed by 55 economists from around the world.
It aims to address contemporary economic challenges such as slow productivity growth and poor labor markets.
The principles focus on wellbeing, growth and place, resilience, politics, and a capable state.
Unlike the Washington Consensus, the London Consensus is not prescriptive and is designed to be flexible and applicable to different countries.
The economists hope that democratically-elected governments will adopt these principles to guide their economic policies.
- Who
- 55 economists from around the world, including 20 from emerging economies
- What
- A new set of economic principles called the 'London Consensus'
- When
- The discussions took place recently, with the book published in 2023
- Where
- London School of Economics and Political Science (LSE)
- Why
- To address contemporary economic and political challenges and provide a fresh approach to global economic principles
- Authors
- 55 economists from around the world, including 20 from emerging economies
- Institution
- London School of Economics and Political Science (LSE)
- Publication
- The London Consensus: Economic Principles For The 21st Century
- Key Principles
- Wellbeing, growth and place, resilience, politics, capable state
- Availability
- Freely available to download and read
- Washington Consensus
- Ten principles laid out by economist John Williamson in the late 1980s
- London Consensus Principles
- Five principles focusing on wellbeing, growth, resilience, politics, and state capability
- Example of Application
- State capacity is key for industrial policies