Contesting 'globalisation from above': international non-governmental organisations and the prospects for global social contract

According to Peter O’Driscoll, the Washington Consensus has brought about new rules of engagement, different from the Keynesian social contract that combined economic growth with social improvement and provided a stable balance of power between the private and public sectors. These new rules have granted the private sector a disproportionate amount of power to the detriment of state institutions. However, it is argued that the Washington Consensus is now faltering4 and that there is a need for a ‘new social contract’ to promote equitable development in less developed nations.