Washington Consensus

E218947

The Washington Consensus is a set of market-oriented economic policy prescriptions—emphasizing liberalization, privatization, and fiscal discipline—promoted by institutions like the IMF and World Bank for developing countries from the late 20th century onward.

All labels observed (3)

How this entity was disambiguated

Statements (51)

Predicate Object
instanceOf development policy paradigm
economic policy framework
set of policy prescriptions
associatedWithInstitution International Monetary Fund
United States Department of the Treasury
surface form: U.S. Department of the Treasury

World Bank
coinageYear 1989
coinedBy John Williamson
contrastedWith Beijing Consensus
post-Washington Consensus
criticizedBy civil society organizations
development economists
heterodox economists
criticizedFor austerity measures
one-size-fits-all policy approach
social inequality impacts
undermining social safety nets
emphasizes competitive exchange rates
deregulation
economic liberalization
financial liberalization
fiscal discipline
market-oriented reforms
privatization of state-owned enterprises
redirection of public spending toward pro-poor services
secure property rights
tax reform
trade liberalization
trade openness
field development economics
international political economy
geographicOrigin United States of America
surface form: United States
goal economic growth
integration into the global economy
macroeconomic stabilization
hasAuthor John Williamson
ideologicalBasis market fundamentalism
neoliberalism
influenced Latin American economic reforms in the 1990s
post-communist transition policies
namedAfter Washington, D.C.
policyInstrument conditionality on IMF loans
conditionality on World Bank loans
structural adjustment programs
policyScope financial sector policy
macroeconomic policy
public sector reform
trade policy
primaryFocus Latin America
developing countries
timePeriod late 20th century

How these facts were elicited

Referenced by (3)

Full triples — surface form annotated when it differs from this entity's canonical label.

Globalization and Its Discontents subject Washington Consensus
Globalization and Its Discontents criticizes Washington Consensus
this entity surface form: Washington Consensus policies
False Dawn: The Delusions of Global Capitalism criticizes Washington Consensus
this entity surface form: the Washington Consensus