economics medium Fill in the Blank

The 'Washington Consensus', coined by John Williamson in 1989, refers to a set of ten market-oriented policy prescriptions—including fiscal discipline, privatization, and trade liberalization—promoted for developing nations by the IMF, World Bank, and the US ___.

  1. Rules
  2. Treasury
  3. notice
  4. Outcome

Answer: Treasury

The Washington Consensus became the dominant neoliberal paradigm of the 1990s, heavily influencing structural adjustment programs in Latin America and post-Soviet states. While it successfully curbed hyperinflation and stabilized macroeconomies, it faced severe backlash for ignoring institutional weaknesses, exacerbating income inequality, and triggering social unrest due to rapid austerity and the dismantling of social safety nets.

Topic International Economics - Institutions
Exam Relevance UPSC Prelims, SSC CGL
More economics Questions Back to all questions