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The Washington Consensus is a set of ten economic policy prescriptions considered in the 1980s and 1990s to constitute the "standard" reform package promoted for crisis-wracked developing countries by the Washington, D.C.-based institutions the International Monetary Fund (IMF), World Bank and United States Department of the Treasury. [1]
John Harold Williamson (June 7, 1937 – April 11, 2021) was a British-born economist who coined the term Washington Consensus.He served as a senior fellow at the Peterson Institute for International Economics from 1981 until his retirement in 2012.
In the Washington Consensus the conditions are: Fiscal policy discipline; Redirection of public spending from subsidies ("especially indiscriminate subsidies") toward broad-based provision of key pro-growth, pro-poor services like primary education, primary health care and infrastructure investment;
The new International Monetary System which would embody the values of embedded liberalism was largely designed at the Bretton Woods Conference, hosted at the Mount Washington Hotel in 1944 Embedded liberalism is a term in international political economy for the global economic system and the associated international political orientation as ...
The Washington Consensus is a set of standardized policy prescriptions often associated with neoliberalism that were developed by the International Monetary Fund (IMF), the World Bank, and the US Department of Treasury for crisis-wracked developing countries.
WASHINGTON/TOKYO (Reuters) -U.S. President Joe Biden is poised to officially block Nippon Steel's proposed $14.9-billion purchase of U.S. Steel, a person familiar with the matter said on Friday ...
However, Brian Heywood of Let’s Go Washington argued on X that the bill “pretends to protect the initiative process while making the gathering process more difficult and creating risk of ...
From the 1980s onward, the Washington Consensus and economic globalization on terms often described as neoliberal became dominant. The economic reach of multinational corporations, rather than being circumscribed, would be expanded significantly.