Washington Consensus

The term ‘Washington Consensus’ is used to describe a set of economic policy prescriptions that became standard practice in the 1980s for several Washington-based institutions like the International Monetary Fund (IMF) and the World Bank in their dealings with developing countries. These prescriptions include policies of deregulation, the opening of national economies to foreign trade and investment, and the facilitation of market forces domestically, priorities which are seen to be representative of an emerging ‘neo-liberal’ tendency in the era.