Washington Consensus
Introduction: The Final Two Decades of the Twentieth Century, theory and its development along with practice that is dominated by an overarching paradigm that placed market forces at the center of the policy. (Financer George Soros, 2002) sees this paradigm as “market fundamentalism”. It is interchangeably used as the term “Washington Consensus” by the other businessmen and researchers (John Williamson, 1990). It is referred as “neoliberalism” in Latin America. Ordinary People call it “free-market economics”. The term “Washington Consensus” is composed of ten characteristics as identified by Economist John Williamson: Fiscal Discipline, Redirecting Public Expenditure, Tax Reform, Financial Liberalization, Adoption of Single Competitive Exchange Rate, Trade Liberalization, Elimination of Barriers to Foreign Direct Investment, Privatization of State-Owned Enterprises, Deregulation of Market Entry and Competition and Secure property Rights. These ten characteristics and thei...