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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]
This was especially the case in Britain and was called the post-war consensus, with a similar though somewhat less Keynesian consensus existing elsewhere, including in the United States. [ 27 ] Marxist scholars tend to broadly agree with the mainstream view, though they emphasise embedded liberalism as a compromise between class interests ...
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 American National Standards Institute (ANSI / ˈ æ n s i / AN-see) is a private nonprofit organization that oversees the development of voluntary consensus standards for products, services, processes, systems, and personnel in the United States. [3]
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.
The embedding effect is an issue in environmental economics and other branches of economics where researchers wish to identify the value of a specific public good using a contingent valuation or willingness-to-pay (WTP) approach. The problem arises because public goods belong to society as a whole, and are generally not traded in the market.
An illustration of the Overton window, along with Treviño's degrees of acceptance. The Overton window is the range of subjects and arguments politically acceptable to the mainstream population at a given time. [1]