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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]
Critics of the Washington Consensus argue that it endorses complete free movements of capital. However, Williamson's 1989 conceptualization of the consensus only included foreign direct investment. He connected these policy recommendations to his advocacy of target zones and limited exchange-rate fluctuations.
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;
These picks have caused uproar in Washington. But they are seen very differently by millions of Trump voters who think the capital’s establishment is rotten and has let them down.
You may have heard that Social Security is facing financial trouble because Congress and presidents raided the trust funds and wondered how such a thing could be allowed to happen.
7 weasel-worded criticism in intro. 5 comments. 8 Eastern European reform + evolutionary. 1 comment. 9 The emergance of the post washington consensus. 10 Venezuela ...
Supreme Court Justice Clarence Thomas repeatedly pushed back on his critics during remarks Friday at a judicial conference in Alabama, lamenting what he described as the “nastiness” and ...
Stiglitz finds no evidence to support this belief, and considers the 'Washington Consensus' policy of free markets to be a blend of ideology and bad science. Joseph Stiglitz was awarded the 2001 Nobel Memorial Prize in Economic Sciences (shared with George Akerlof and Michael Spence) for demonstrating how information affects markets. Without ...