By the 1980s, donor countries and organizations had reached an understanding on development strategy that was based on the values of open economies and free trade. This was known as the
A) Bretton Woods Agreement.
B) North American Free Trade Agreement.
C) International Monetary Fund Treaty.
D) Washington consensus.

Question

Quizplus · Accepted Answer

The strategy described is commonly known as the Washington consensus, which was a set of economic policies promoted by the US government and international financial institutions in the 1980s and 1990s. It emphasized market-based reforms, including liberalization of trade and investment, privatization of state-owned enterprises, and fiscal austerity. While it was seen as a way to promote economic growth and reduce poverty, critics have argued that it exacerbated inequality and social exclusion in many countries.

By the 1980s, Donor Countries and Organizations Had Reached an Understanding