Washington Consensus

• Fiscal policy discipline
• Redirection of public spending toward education, health and infrastructure investment
• Tax reform - Flattening the tax curve: Lowering the tax rates on proportionaly high tax brackets (typically above median income), and raising the tax rates on the porptionally low tax brackets (typically below median income); lowering the marginal tax rate.
• Interest rates that are market determined and positive (but moderate) in real terms
• Competitive exchange rates
• Trade liberalization - replacement of quantitative restrictions with low and uniform tariffs
• Openness to foreign direct investment
• Privatization of state enterprises
• Deregulation - abolition of regulations that impede entry or restrict competition, except or those justified on safety, environmental and consumer protection grounds, and prudential oversight of financial institutions
• Legal security for property rights

Countries Implementing Washington Consensus like Market Reforms

• Argentina

External links

• Diversity in Development: Reconsidering the Washington Consensus (Jan Joost Teunissen and Age Akkerman (eds.), December 2004, book, pdf)
• Did the Washington Consensus Fail? (by John Williamson)
• The Washington Consensus as Policy Prescription for Development (World Bank)
• What Should the World Bank Think about the Washington Consensus? (by John Williamson)
• Fabian Global Forum for Progressive Global Politics: The Washington Consensus (by Adam Lent)
• The Economics of Empire - Notes on the Washington Consensus (by William Finnegan)

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