Multilateral Trade System as Manifestation of Post Washington Consensus:

The research has dealt with the issue of national policy space particularly in relation to industrial development in the context of global trade regime. It has discussed both international and domestic contexts of national policy space for an LDC like Bangladesh. The research has found that in one hand national policy space regarding industrial development has reduced at global systemic level through WTO regulations. On the other hand, it has also reduced at national level first through structural adjustment under Washington Consensus and then through development strategies like PRSPs under Post Washington Consensus. The research has showed that both national development strategies and global trade governance are manifestations of Post Washington Consensus as continuation of Washington Consensus. Moreover, along the reduced scope of national policy space at both global and national spheres, the intent for effective exercise of national policy space has also reduced at national level. The latter has happened due to narrow interest maximisation of powerful domestic actors through compliance with neoliberal agenda even at the cost effective industrial development.