Definition: Neoclassical Counterrevolution

Neoclassical Counterrevolution - "a revolution in economic policy and analysis in response to the dirigiste doctrine that emphasized the importance of the role of the state in development. This counterrevolution, which initially took place during the 1980s and 1990s, emphasized economic liberalism and components of the Washington consensus." - source: Economic Development 4th Edition by E. Wayne Nafziger