New Delhi, Dec. 18 -- The global economic system that shaped the world for more than 30 years has come to an end, according to Zoho founder Sridhar Vembu.
Speaking on the changing nature of economics and technology, Vembu said the ideas that guided countries after 1991 are no longer working, and nations like India must now rethink how they grow, produce and create jobs.
Vembu explained that from around 1991, after the collapse of the Soviet Union, the world followed what was known as the Washington Consensus.
The 'Washington Consensus' is a set of ten free-market economic policies promoted by Washington DC-based institutions like IMF, World Bank, US Treasury and others.
It was formulated for crisis-hit developing economies and the term ...