Washington Consensus

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The Washington Consensus was formulated on 1990 by John Williamson, who was formally an adviser to the International Monetary Fund, as his interpretation of the IMF’s (and the World Bank’s) conditions for financial assistance to developing countries ^[1].

He saw those requirements as:

• Fiscal Discipline

• A redirection of public expenditure priorities toward fields offering both high economic returns and the potential to improve income distribution, such as primary health care, primary education and infrastructure

• Tax reform (to lower marginal rates and broaden the tax base)

• Interest rate liberalization

• A competitive exchange rate

• Trade liberalization

• Liberalization of inflows of foreign direct investment

• Privatization

• Deregulation

• Secure property rights

John Williamson has reviewed the interpretations on his proposals that have been applied by the IMF ^{[2] [3] [4]}, and those interpretations have been attacked by Joseph Stiglitz ^[5]

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