For decades now, there has been a clear understanding that the models of development proposed by the International Monetary Fund (IMF) and the Washington Consensus – debt, austerity, structural adjustment – simply have not worked. The long history of adversity experienced by the former colonial countries remains intact. A glance at the numbers from the Maddison Project Database 2023 shows that global Gross Domestic Product (GDP) in Purchasing Power Parity (PPP) terms has risen by 689.9% between 1980 and 2022 (from $18.8 trillion to $148.5 trillion).

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