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When the British economist John Williamson, who later worked for the World Bank, first used the term Washington Consensus in 1989, he claimed that he was actually referring to a list of reforms that he felt key players in Washington could all agree were needed in Latin America.
The concept and name of the Washington Consensus were first presented in 1989 by John Williamson, an economist from the Institute for International Economics, an international economic think tank based in Washington, D.C. [5]
This chapter traces the origin of the term ‘Washington Consensus’ to a paper written for a conference in 1989 that aimed to explore how the set of ideas accepted as a basis for policy in developing countries had changed.
The term “Washington Consensus” was coined by John Williamson in 1989 when he was examining the principles of development economics that had guided economic policy in Latin America since the 1950s.
Consensus became, in Moisés Naím’s (2002) epigrammatic expression, a “damaged brand.” The social and economic philosophy implicit in the Consensus was not created by Williamson.
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Feb 2, 2022 · The Washington Consensus refers to a set of free-market economic policies supported by prominent financial institutions such as the International Monetary Fund, the World Bank, and the U.S. Treasury. A British economist named John Williamson coined the term Washington Consensus in 1989.
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The Washington Consensus, a term that was coined by Williamson (1989), is a set of ten policy prescriptions promoted by institutions based in Washington, DC—primarily, the International Monetary Fund (IMF), the World Bank and the US Treasury—and by the governments of free market- loving “western” countries.
