Definition: Washington Consensus

Washington Consensus - "a basic agreement by Washington-based institutions, the World Bank, International Monetary Fund, and U.S. Treasury, on international economic policies toward LDCs. This consensus is derived from neoclassical economics, dominated by orthodox economists trained in the United States and United Kingdom and especially associated with the views of U.S. President Ronald Reagan and U.K. Prime Minister Margaret Thatcher during the 1980s. See also liberalism." - source: Economic Development 4th Edition by E. Wayne Nafziger