The Washington Consensus, often used interchangeably with neoliberal policies, has become a source of dissatisfaction for anti-globalizers. In theory, neoliberal policies seek to industrialize Latin America through Western ideas and structures according to the “one size fits all” policy. Late development theory states that not all developments will follow the same path as their predecessors. Each country represents its own history, culture, trajectory and development variables. Globalization, although it has brought workers for Western countries, has not been the right path for new developing countries to take under any given set of policies, as underlined by the Washington consensus. Between the 1930s and the late 1970s, most Latin American countries used the Model of Substitution Industrialization (ISI) import system to develop industry and reduce dependence on imports from foreign countries. These countries are rapidly urbanizing with a rapidly growing working class. In response to the economic crisis, the heads of state of these countries have adopted and implemented new neoliberal policies. One thing to keep in mind is that international financial crisis is usually more difficult to manage than domestic crisis due to jurisdictional ambiguities. A basic level of transnational coordination is necessary in crisis management and resolution. Intergovernmental institutions can play a supporting role, but their primary mission is typically focused on preventing the next crisis. The theory of hegemonic stability under realism suggests that “international economic collaborations in pursuit of an open economic order are more likely to occur when the global economy is dominated by simple power” (Ravenhill 22). The theory has its roots in international relations especially in p...... half of the paper ......ey, Douglas S., Magaly Sánchez and Jere R. Behrman. Chronicle of a Foretold Myth: The Washington Consensus in Latin America. Thousand Oaks, CA: SAGE Publications, 2006. Print.Newman, Edward, Ramesh Chandra Thakur, and John Tirman. Multilateralism under challenge?: Power, international order and structural change. Tokyo: United Nations UP, 2006. Print.Panizza, Francisco. Contemporary Latin America: development and democracy beyond the Washington consensus. London: Zed, 2009. Print.Ravenhill, John. Global political economy. Oxford: Oxford UP, 2005. Print.Rodrik, Dani. The new global economy and developing countries: making openness work. Washington, DC: Overseas Development Council, 1999. Print.Stiglitz, J. (1998b) 'Towards a New Paradigm for development: Strategy, Policies, Processes', Prebich Lecture, UNTAD, Geneva, reprinted in Chang (ed.). 2001.