Washington Consensus

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The Washington Consensus was a term coined by John Williamson in 1989 to describe a set of ten economic policies he felt that all in Washington, D.C. agreed with. Specifically, the policies were intended as ones that any nation receiving money from institutions like the IMF or World Bank should implement as a condition for the loan. They were not new policies or ideas in 1989, but policies that had already been advocated for some time. In Williamson's words, the ten policies are:[1]

  • 1. Fiscal Discipline.
  • 2. Reordering Public Expenditure Priorities.
  • 3. Tax Reform.
  • 4. Liberalizing Interest Rates.
  • 5. A Competitive Exchange Rate.
  • 6. Trade Liberalization.
  • 7. Liberalization of Inward Foreign Direct Investment.
  • 8. Privatization.
  • 9. Deregulation.
  • 10. Property Rights.

Resources and articles

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References

External Resources

Books

  • Naomi Klein, The Shock Doctrine.

External Articles