The “washington Consensus” And Latin America
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...a relatively new arrival in the collection of catch phrases that are used to describe world trade and development. Coined by John Williamson in 1990, the term originally referred to the lowest common denominator of policy advice being addressed by the Washington-based institutions to Latin American countries as of 1989 (Washington Consensus). As originally utilized, the term Washington Consensus encompassed the policies relating to fiscal discipline, public expenditures, tax reform, interest rate liberalization, exchange rates, trade liberalization, foreign investment, privatization, deregulation, and property rights (Washington Consensus). This term now, however, has evolved to apply to the negativtities associated with globalization. Interestingly, the policies encompassed by the so-called Washington Consensus in Latin America reach back to the 1970s, two decades before the term was even coined.
The term Washington Consensus is actually not that unique in that its meaning has evolved over time to suggest different things to different people. The meaning of the term globalization that...
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