[Rei Murasame]

They followed the Washington Consensus like there was no tomorrow.

The Washington consensus didn't even exist back then.

What Washington consensus was in 1910's Japan? Or in 1960's Korea?

[Pants-of-dog]

Just look this ranking below and find out if the best placed countries are developed or not.
http://www.heritage.org/index/ranking

Do you know what "econometric" means?

The Heritage ranking is not econometric.