The Washington Consensus was

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The Washington Consensus was a set of policies advocated by the US Treasury Department, the International Monetary Fund (IMF), and the World Bank in the late 1980s and early 1990s. These policies emphasized the need for LDCs to adopt free-market economic policies, remove trade barriers, and privatize state-owned enterprises. The underlying belief of the Washington Consensus was that democratic government and a dominant private sector would lead to prosperity. While there was some recognition that the policies might have different implications for countries at different stages of development, overall the Washington Consensus promoted a one-size-fits-all approach to economic development.

The Washington Consensus Was