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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

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washington consensus



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

—p.161 The Intellectual History of a Dangerous Idea, 1942-2012 (132) by Mark Blyth
notable
4 years ago

the insistence that all developing states follow their liberal instruction sheets to get rich, the so-called Washington Consensus approach to development

—p.142 The Intellectual History of a Dangerous Idea, 1942-2012 (132) by Mark Blyth
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4 years ago


China’s economic development suggests the possibility of a Chinese twenty-first century, with a ‘Beijing Consensus’ succeeding the ‘Washington Consensus’.

—p.156 Capitalisms Old and New (139) by Gregory Elliott, Razmig Keucheyan
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4 years, 2 months ago


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

—p.37 Africa's Leaky Giant (5) by Joe Trapido
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4 years, 4 months ago


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.

—p.114 Chapter 4: Letter to Bono (95) by Richard Dienst
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4 years, 4 months ago

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

—p.28 Chapter 1: Once in a Lifetime (7) by Richard Dienst
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4 years, 4 months ago


The US once enjoyed near-hegemony over Latin America, a position initially enshrined by the 1823 Monroe Doctrine and, in modern times, the so-called 'Washington Consensus'.

—p.285 The Illusion of Sovereignty (270) by Owen Jones
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4 years, 2 months ago


Marketize, privatize, deregulate: the Washington Consensus mantra dominated policy in the developing world for a quarter century. For most the recipe was a disaster.

—p.81 Development From Below (81) by Vivek Chibber
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4 years, 3 months ago

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

—p.50 The New Scramble for Africa (45) by Padraig Carmody
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4 years, 3 months ago