a set of 10 economic policy prescriptions considered to constitute the "standard" reform package promoted for crisis-wracked developing countries by Washington, D.C.–based institutions like the IMF and the World Bank (in a nutshell, neoliberalism); term first used in 1989 by English economist John Williamson
The Washington Consensus was [...] fiscal discipline, reordering public expenditure priorities, tax reform, liberalizing interest rates, (maintaining) a competitive exchange rate, liberalizing trade and foreign direct investment (FDI), privatization, and deregulation
authored by John Williamson in 1989
the insistence that all developing states follow their liberal instruction sheets to get rich, the so-called Washington Consensus approach to development
Kabila’s government had no independent access to capital markets: the only way of securing credit lay through the IMF’s Heavily Indebted Poor Countries (HIPC) programme, where debt relief was tied to the usual requirements of the Washington Consensus
I've seen this term a whole bunch but I stupidly didn't realise that the IMF and WB were based in DC! of course it makes sense now that I think about it though
The so-called Washington Consensus, confidently enforced by the IMF, World Bank, and other economic institutions since the 1970s, has been comprehensively challenged from within the ranks of its own practitioners.
we can see how this “structural adjustment” of public finances has played out rather badly in most places where the Washington Consensus was implemented, not least in Washington itself
Marketize, privatize, deregulate: the Washington Consensus mantra dominated policy in the developing world for a quarter century. For most the recipe was a disaster.
Still, there are differences between the “Washington Consensus” policies of the past and those advanced by the brics. For one, China does not have a neoliberal economy