How does a country get rich? For decades, the economics establishment generally agreed on a simple answer: Embrace free markets and avoid “industrial policy”—state-led efforts to shape what an economy produces—at all costs. No institution embodied this viewpoint, widely known as the “Washington Consensus,” quite like the World Bank. Established in 1944 to provide low-interest loans to developing countries, the bank soon became the intellectual center of development economics. In the 1990s, it