The ten commandments of the washington consensus balance. The washington consensus as i originally formulated it was not written as a policy prescription for development. The ten commandments of the washington consensus 1. The rise and fall of the washington consensus as a. A short history of the washington consensus 14 john williamson 3. Once the government dealt with these issuesessentially, once the government got out of the wayprivate markets would allocate resources efficiently and generate robust growth. The concept was presumably offensive to those who resisted the advance of the market economy, but this was an extinct breed in washington by. Short history of the washington consensus 1 oxford. Of course, development was the main objective of the. A british economist named john williamson coined the term washington consensus in 1989.
The washington consensus is a set of ten economic policy prescriptions considered to constitute the standard reform package promoted for crisiswracked developing countries by washington, d. This chapter traces the origin of the term washington consensus to a paper written for a conference in 1989 that aimed to explore how the set of ideas accepted as a basis for policy in developing countries had changed. A short history of the washington consensus john williamson senior fellow, institute for international economics paper commissioned by fundacin cidob for a conference from. Scribd is the worlds largest social reading and publishing site. Ten policies covering the areas of macroeconomic discipline, microeconomic liberalization, and opening up the economy globalization were asserted to be widely.