Although the organizers hoped that the meeting's intimate and unstructured format would encourage a new round of dialogue, the October 1981 summit proved instead to be the NIEO's death knell (Toye and Toye 2004). It is perhaps best remembered for the speech in which Ronald Reagan, foreshadowing the decisive turn in development discourse already under way, exhorted Third World leaders to embrace the “magic of the market.”

Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, loc. 1750