What is the Washington Consensus?
A)A document that outlines how to keep the United States the dominant world power.
B)A set of policies advocated by developed countries that are intended to help less developed countries grow their economies.
C)A policy by the United States that allows for infant industry protection by emerging economies.
D)An international movement to encourage democratization in less developed countries, as democracy is a fundamental stepping stone to development.
E)An international agreement by developed countries not to import goods from countries that have poor working conditions.

Question

Quizplus · Accepted Answer

The Washington Consensus refers to a set of policies that were promoted by developed countries, and international financial institutions like the World Bank and the IMF, in the 1980s and 1990s. These policies were intended to help less developed countries grow their economies by promoting things like free markets, trade liberalization, and privatization. The term "Washington Consensus" originally referred to a set of policies that were seen as the mainstream view in Washington D.C. at the time.

What Is the Washington Consensus