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Washington Consensus Essay

692 words - 3 pages

Washington Consensus
The term was first coined by John Williamson in 1989, an economist from the institute for international economics in Washington, D.C. Williamson used the term to summarize policy advice from Washington based institutions such as the US treasury, the IMF and the World Bank, that were believed to be necessary for the recovery of countries in Latin America from the economic and financial crises in the 1980s.

The Washington Consensus is a set of 10 policies that the US treasury, the IMF and the World Bank believed were necessary elements of “first stage policy reform” that all countries should adopt to increase economic growth.

At its heart is an emphasis on the ...view middle of the document...

Post-Washington Consensus
Criticism of many of the Washington consensus policies, including evidence of their detrimental impact on health, led to the development of the post-Washington consensus. This package of ideas and policies aims to:
* Manage liberalized trade, finance and monetary systems

* Include the creation of enforceable codes and standards, and concessions to social welfare through targeted social safety nets

* Create vertical and horizontal policy coherence

* Include businesses and firms in a Global Compact for Development and the PRSP process.

For many supporters, the post-Washington consensus differs fundamentally from the original. While the Washington consensus made economic growth the main goal of development, the new consensus moves away from the neo-liberal, market-friendly approach and places sustainable, egalitarian and democratic development at the heart of the agenda. It includes a more poverty-focused approach that protects and supports the poor and prioritizes social spending on education and health. Others argue that the original neo-liberal agenda still underpins the post-Washington consensus, saying that the social safety net aspects of the new policies are put in place...

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