MNCS, global financial crisis and human rights: Beyond the 'Washington consensus'

The 'Washington Consensus' refers to the global economic ideology, based primarily on free markets and neoclassical economic thinking that has dominated the United States government and international organizations such as the World Bank and the IMF. The global financial crisis of 2007-2009 and various government interventions to overcome the global financial crisis have very much challenged the relevance of this, 'Washington Consensus'. This chapter provides a conceptual analysis of how governments provide various institutional infrastructures. The authors argue that governments in partnership with MNCs can help to deal with three key aspects of institutional infrastructure: financial, physical and human rights infrastructure. Author's thoughts on industrial policy and institutions contribute to international ethics research by addressing the importance of institutional infrastructures, and how multinational corporations and governments can help create the institutional infrastructures that can integrate the MNCs sphere of influence and sphere of responsibility. This chapter also develops further the role of public policy and the role of the state in international ethics research.