The liberal approach to economic development that prioritizes privatization,liberalization of trade and foreign direct investment,government deregulation in favor of open competition,and broad tax reform is known as ________.

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The Washington Consensus is a set of ten economic policy prescriptions that were developed by the International Monetary Fund (IMF), the World Bank, and the US Treasury in the 1980s. It advocates for liberalization of trade and foreign direct investment, privatization, deregulation, and tax reform. It has been criticized for benefiting developed countries more than developing countries and creating economic inequality. The development gap refers to the difference in economic development between developed and developing countries, while sustainable development focuses on balancing economic growth with environmental protection. The Beijing Consensus refers to the model of state-led development promoted by China.

The Liberal Approach to Economic Development That Prioritizes Privatization,liberalization of Trade