The Wall Street Consensus is an elaborate effort to reorganize development interventions around partnerships with global finance. The UN's Billions to Trillions agenda, the World Bank's Maximizing Finance for Development or the G20's Infrastructure as an Asset Class update the Washington Consensus for the age of the portfolio glut, to ‘escort’ global (North) institutional investors and the managers of their trillions into development asset classes. Making development investible requires a two-pronged strategy: enlist the state into risk-proofing development assets and accelerate the structural transformation of local financial systems towards market-based finance that better accommodates portfolio investors. Ten policy commandments forge the ‘de-risking state’. They create a safety net for investors in development assets, protecting their profits from demand risks attached to commodified infrastructure assets; from political risks attached to (progressive) policies that would threaten cash flows, including nationalization, higher minimum wages and, critically, climate regulation; and from liquidity and currency risks. These risks are transferred to the balance sheet of the state. The new ‘development as de-risking’ paradigm narrows the scope for a green developmental state that could design a just transition to low-carbon economies.

中文翻译：

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华尔街共识

华尔街共识是围绕与全球金融的伙伴关系重组发展干预措施的精心努力。联合国的数十亿至万亿议程、世界银行的发展融资最大化或 G20 的基础设施作为资产类别更新了关于投资组合过剩时代的华盛顿共识，以“护送”全球（北方）机构投资者及其数万亿美元的管理者进入开发资产类别。使开发可投资需要一个双管齐下的策略：将国家纳入抗风险的开发资产，并加快地方金融体系向市场化金融的结构转型，以更好地适应证券投资者。十项政策诫命打造“去风险国家”。他们为开发资产的投资者建立了一个安全网，保护他们的利润免受与商品化基础设施资产相关的需求风险；来自可能威胁现金流的（渐进式）政策的政治风险，包括国有化、提高最低工资以及至关重要的气候监管；以及流动性和货币风险。这些风险被转移到国家的资产负债表上。新的“去风险化发展”范式缩小了绿色发展国家的范围，该国家可以设计向低碳经济的公正过渡。这些风险被转移到国家的资产负债表上。新的“去风险化发展”范式缩小了绿色发展国家的范围，该国家可以设计向低碳经济的公正过渡。这些风险被转移到国家的资产负债表上。新的“去风险化发展”范式缩小了绿色发展国家的范围，该国家可以设计向低碳经济的公正过渡。