The 'Washington Consensus' refers to a set of ten economic policy prescriptions, including fiscal discipline, trade liberalization, and privatization, that were traditionally promoted for developing countries by Washington-based institutions like the IMF, World Bank, and the ___.

Answer: US Treasury

Coined by economist John Williamson in 1989, the Washington Consensus represented the dominant neoliberal paradigm of the late 20th century. It advocated for free markets, deregulation, and minimal state intervention. In recent years, it has faced severe criticism for ignoring institutional realities and social safety nets, leading to a shift toward more nuanced, context-specific development strategies.