Washington Consensus revisited

A joint Brookings Global Economy and Development program and Center for International Development at Harvard symposium

In 1989, economist John Williamson coined the term “Washington Consensus” for a set of 10 market-oriented policies that Washington-based institutions prescribed for improving economic performance in “third world countries.” Centered around fiscal discipline, market-oriented domestic reforms, and openness to trade and investment, the Washington Consensus inspired the International Monetary Fund and World Bank to pursue a reform agenda that was resisted as aggressively as it was pursued.

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