Know Your Consensus 🧠
This economist coined the term “Washington Consensus.”
Who is John Williamson?
This region was the main focus of Washington Consensus reforms.
What is Latin America?
These two countries did not follow the Washington Consensus and experienced fast economic growth.
The Washington Consensus was meant to replace this inward-looking development strategy.
What is Import Substitution Industrialization (ISI)?
Selling off state-owned companies to private firms is called this.
What is privatization?
Argentina was often described as this before its economic collapse.
What is the model student?
These two institutions enforced the policies through loans.
What are the IMF and World Bank?
Reducing tariffs and opening markets to global trade is called this.
What is trade liberalization?
A key criticism is that the Washington Consensus applied this type of approach to very different countries.
What is a one-size-fits-all approach?
What is Rodrik?
This term is the lack of consensus among economists about Washington Consensus as it failed to deliver consistent results.
What is Washington Confusion?
Who is Joseph Stiglitz
Argentina was often described as this before the economic downturn.
What is the poster child or model example of the Washington Consensus