Policies supported by the IMF and World Bank to increase economic liberalization in less-developed countries are often referred to as the
A) Washington Consensus.
B) Multilateral Accord.
C) Millennium Action Accord.
D) United Nations Economic Compact.

Question

Quizplus · Accepted Answer

The policies supported by the IMF and World Bank to increase economic liberalization in less-developed countries are often referred to as the Washington Consensus. This term was coined in the early 1990s by John Williamson, an economist at the Institute for International Economics in Washington, D.C. The Washington Consensus refers to a set of ten economic policy prescriptions that emphasize free market principles, including fiscal discipline, privatization, deregulation, and free trade. While the policies of the Washington Consensus have been subject to criticism, they continue to be influential in international development policy.

Policies Supported by the IMF and World Bank to Increase