What are the 10 points of Washington Consensus?
3The term “Washington Consensus” comes from a simple set of ten recommendations identified by economist John Williamson in 1989: 1) fiscal discipline; 2) redirecting public expenditure; 3) tax reform; 4) financial liberalization; 5) adoption of a single, competitive exchange rate; 6) trade liberalization; 7) …
What does the Washington Consensus refer to?
The term Washington Consensus usually refers to the level of agreement between the International Monetary Fund (IMF), World Bank, and U.S. Department of the Treasury on those policy recommendations.
Why did the Washington Consensus Fail?
In particular, the relative lack of economic growth in the Americas under the policies of the Consensus and the growing inequality in the region gave fuel to those who began to criticize the Consensus as a failure.
What is the difference between the Washington Consensus and post Washington Consensus?
While the Washington consensus focused on the perfection of the market the post Washington consensus does the exact opposite, it points out market limitations and ways of correcting such limitations (Stiglitz 2001).
What is the difference between Bretton Woods system and Washington Consensus?
The aim of the Bretton woods System was to guarantee international financial stability. Whereas, the Washington Consensus includes broad financial principles.
What are the Washington Consensus Standards?
The main Washington Consensus policies include maintaining fiscal discipline, reordering public spending priorities (from subsidies to health and education expenditures), reforming tax policy, allowing the market to determine interest rates, maintaining a competitive exchange rate, liberalizing trade, permitting inward …
What is the basic idea of global Keynesianism?
Common themes in global Keynesianism include the importance of public management, democratic politics, the mixed economy, global income distribution, the management of global demand, investment and money, ecological sustainability and the importance of multiple levels of public management-local, national, regional and …
What is the similarities between Bretton Wood system and Washington Consensus?
Similarities between the systems: The Bretton woods system and the Washington Consensus were agreed upon by developed nations and principles of both the systems were drafted keeping in mind the interests of developing nations as well.
What are the different factors that enable economic globalization?
Some of the most important globalisation drivers are outlined below.
- Containerisation.
- Technological change.
- Economies of scale.
- Differences in tax systems.
- Less protectionism.
- Growth Strategies of Transnational and Multinational Companies.
What is Bretton Woods and Washington Consensus?
The phrase “Washington Consensus” was coined by John Williamson as a way of summarizing a bundle of policies that enjoyed broad agreement within the official institutional circles of the US Treasury Department, the World Bank, the International Monetary Fund (IMF) and various other institutions that arose from or in …