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illiamson Free Trade School

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Will Hutton, author and chief executive of The Work Foundation, and Michael Elliott, an editor for Time magazine in New York, exchange views on whether globalisation is simply exporting the American business model and if that benefits the world, or not

For one thing, there's always been less consensus in the consensus than its opponents like to believe.

There are plenty of people who buy into the broad outlines of a market-led programme, for example, without signing on to either financial market liberalisation or the free flow of capital.

John Williamson, who invented the phrase "Washington consensus", never intended it to include capital flows, and Jagdish Bhagwati - a fundamentalist when it comes to free trade in goods and services - has long argued that capital flows raise different issues.

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