The original purpose of the term ‘Washington Consensus’ was to distinguish between a number of policies that remain the subject of partisan controversy and a group of policies that were thought to be consensual in the post-1989 world. After its creation in 1989 the term acquired at least two more meanings. Some used it to describe the policies of the IMF and World Bank, which came to embrace not only institutional reform and a concern with governance but also the two-corners solution for exchange rates and capital account convertibility. Others used the term as a synonym for laissez-faire.
KeywordsBalance of payments Capital account liberalization Consensual policies Corruption Demographic transition Deregulation Development economics East Asia Financial liberalization Fiscal discipline Foreign direct investment Globalization Governance Import-substituting industrialization Industrial policy Inflation Informal economy Institutions Intermediate exchange-rate regime International Monetary Fund Laissez- faire Mont Pèlerin Society Neoliberalism Partisan policies Privatization Property rights Public expenditure Redistribution of income Tax reform Trade liberalization Two-corners solution Washington Consensus World Bank
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