Post-London conference philosophy should be fundamentally different from NRM’s
NRM came to power at the height of the Washington Consensus ideology based on market forces, laissez-faire capitalism, economic deregulation, macroeconomic stability and trickle down mechanism, etc. Government was seen as part of the development problem and not the solution.
The Washington Consensus was declared over at the G20 Summit in London. Since then the economically troubled world with high unemployment and slow economic growth has been influenced largely by a return of Keynesian model of demand management. Governments have returned to stimulate the economy working strategically in partnership with the private sector and civil societies and addressing imperfections of the market mechanism including deregulation.
Although NRM government abandoned the Washington Consensus or Structural Adjustment in late 1997 and replaced it with a five-year development plan, implying an active but strategic role of the government in the economy, in practice the government has continued to implement many of the Washington Consensus elements.