Washington Consensus

The Washington Consensus refers to a set of economic policy recommendations for developing countries that emerged in the late 1980s. It emphasizes free markets, trade liberalization, and reduced government intervention. Key elements include fiscal discipline, tax reforms, deregulation, privatization of state-owned enterprises, and efforts to attract foreign investment. The aim is to promote economic growth and stability. While it has influenced policies in various countries, critics argue that it can lead to social inequality and ignores the unique challenges faced by individual nations. The term reflects the consensus among policymakers in Washington, D.C. during that period.