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

On what grounds has the Washington Consensus been criticized Is the chain mail Washington Consensus a viable alternative Critically discuss - Essay Examplelicy of the developing nations unaccompanied that includes reduction of government deficits, liberalization and deregulation of international trade as well as intersect border investment.This term was initiative used by John Williamson in 1989. It was used to describe a set of ten specific frugal policy prescriptions that was considered by his as the standard reform parcel promoted for the crisis wracked developing countries. This consensus was influential during the 1990s. 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 advi ces by Washington based financial institutions. These institutions were the IMF, human race Bank and the US treasury department. These policies were believed to be used for the recovery of Latin the States from the financial crisis of the 1980s. still Williamsons concept of the theme was neoliberal in its approach. Even though the policy was put frontward 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 by and large 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 worthless countries by the Washington based international financial establishments. They also argue that these policies have increased the visitation 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