Washington Consensus

Washington Consensus in Global Commerce Policy

In this regard, washington consensus is: a term proposed in 1993 by the economist John Williamson for a set of principles he and many others, including the Washington-based IBRD and IMF, see as forming the basis of good economic management. The principles are: trade liberalization, promotion of inward direct investment, fiscal discipline, efficient public expenditure priorities, tax reform, financial liberalization, competitive exchange rates, privatization, deregulation, and secure property rights. Many opponents of globalization also oppose the validity of these principles.[1]

Washington Consensusin the wold Encyclopedia

For an introductory overview on international trade policy, see this entry.

Resources

Notes and References

1. Dictionary of Trade Policy, “Washington Consensus” entry (OAS)

See Also