The financial crisis has dealt a major blow to the global economy and shaken confidence in economic management and the economic models that guide it. The crisis revealed not only major market failures -- especially in the housing bubble and its transmission to the financial system -- but glaring state failures that propagated and exacerbated the crisis. A new working paper by F. Halsey Rogers assesses whether and how the crisis should shift thinking about development economics in several domains, such as market-state balance, macroeconomic management and public spending. The author argues that new global circumstances and awareness of vulnerability should lead to some policy changes, as developing countries take steps to reduce risks, including those generated in developed countries. At the same time, the crisis should largely reinforce the post-Washington consensus on development that has emerged over the past decade -- namely, a world view that aims to achieve private sector-driven growth but sees a facilitating role for the state. This view promotes engaging with the global economy in ways that advance development and values pragmatism, experimentation and evidence-based policy making over ideology.