The Washington Consensus refers to a set of economic policy prescriptions that were widely promoted by international financial institutions, such as the International Monetary Fund (IMF) and the World Bank, in the 1980s and 1990s. The term “Washington Consensus” was coined by economist John Williamson in 1989.
The Washington Consensus advocated for a series of neoliberal policies aimed at promoting economic liberalization, free markets, and fiscal discipline.
