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As the post-Washington consensus has sought to displace the Washington consensus by emphasising the significance of market imperfections, one longstanding area of World Bank thinking and funding has shone out like a beacon in contradicting exclusive reliance upon market forces — education. Education is anticipated to increase individual productivity by the acquisition of skills and attitudes, and to enhance the accumulation of knowledge more generally. Consequently, however unsatisfactorily, education can be brought back in again in pursuit of analytical refinement or in the greater complexity of empirical or case studies. An alternative way of bringing education back in, rather than theorising about casual descriptive characteristics, is by refining the simpler versions of the perfectly competitive model that lies at the core of human capital theory. A careful examination of World Bank educational policies reveals a discernible movement from human capital focused education lending towards educational policies which emphasise stabilisation.
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