On what grounds has the Washington Consensus been criticized Is the Essay

On what grounds has the Washington Consensus been criticized Is the Post Washington Consensus a viable alternative Critically discuss - Essay Example licy of the developing nations only that includes reduction of government deficits, liberalization and deregulation of international trade as well as cross border investment. This term was first used by John Williamson in 1989. It was used to describe a set of ten specific economic policy prescriptions that was considered by his as the standard reform package promoted for the crisis wracked developing countries. This consensus was influential during the 1990’s. During the first decade of the 21st century, this concept became increasingly controversial. After the outbreak of the economic chaos during 2008 and 2009, it was thought that Washington consensus has found its end (Poverty and development policy). John Williamson who used this term first used this to support the commonly shared themes among the policy advices by Washington based financial institutions. These institutions were the IMF, World Bank and the US treasury department. These policies were believed to be used for the recovery of Latin America from the financial crisis of the 1980’s. But Williamson’s concept of the theme was neoliberal in its approach. Even though the policy was put forward by Americans, the policy makers in Latin America used their own perspectives to develop these and introduce them in their own countries. These were developed keeping in mind what happened inside and outside the country. It was also said that these policies were largely a creation of Latin American politicians and technocrats and Williamson being a person to gather these policies first at one place. Neo liberalists argue that Washington consensus is a set of policies that are imposed on hapless countries by the Washington based international financial establishments. They also argue that these policies have increased the misery of such countries than before. This concept that was initiated by John Williamson inspired a wave of reforms in Latin America and sub Saharan Africa. This policy fundamentally