Washington consensus washington consensus a set of economic policy recommendations for developing countries and latin america in particular that became popular during the 1980s the term washington consensus usually refers to the level of agreement between the international monetary fund imf world bank and us. Second critics say that the imf imposed the policies of the washington consensus on countries without understanding the distinct characteristics of the countries that made those policies difficult to carry out unnecessary or even counter productive according to stiglitz for example the economists of the imf had a one size fits all . Over the past two decades the world bank and international monetary fund imf have undermined africas health through the policies they have imposed the dependence of poor and highly indebted african countries on world bank and imf loans has given these institutions leverage to control economic policy making in these countries
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