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The 'best and the brightest'‌ in the IMF and the World Bank were aghast at the sudden collapse in South-East Asia. They thought they had been managing the world economy wonderfully well, following what came to be known as 'the Washington Consensus'‌. The Washington Consensus was a set of aphorisms shared by the IMF, the World Bank, the U.S. Treasury, Washington think-tanks and their friends around the world. The Washington Consensus called for an implicit faith in the efficacy of market economy, free movement of international capital and an unrestricted and free trade of goods throughout the world. Unable to place their finger on the precise reason for the collapse, they blamed short term capital managed by financial intermediaries - commonly referred to as 'hot money'. In a globalised economy, they discovered with feigned wonderment, billions of dollars can be moved at the stroke of a computer key and this fact makes it almost impossible to manage or control its movement. At the same time, they said, imposing any restrictions on the movement of this 'hot money' is just not permissible, since it went against the basic credo of globalisation, namely, the free movement of capital. When Malaysia imposed a few restrictions, there was a howl of protest from all over the West. They said the imposition of such restrictions scared away capital from such countries and would prove counter-productive in the long run.