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Essay / Research Paper Abstract
A 9 page definition of the so-called “Washington Consensus”. This paper asserts that this definition has evolved over time. The concepts it embraces can be illustrated in Latin American some two decades before the term was even coined! Bibliogrphy lists 5 sources.
Page Count:
9 pages (~225 words per page)
File: AM2_PPglbWashConsensus.rtf
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Unformatted sample text from the term paper:
describe world trade and development. Coined by John Williamson in 1990, the term originally referred to the "lowest common denominator of policy advice being addressed by the Washington-based institutions
to Latin American countries as of 1989" (Washington Consensus). As originally utilized, the term "Washington Consensus" encompassed the policies relating to fiscal discipline, public expenditures, tax reform, interest rate
liberalization, exchange rates, trade liberalization, foreign investment, privatization, deregulation, and property rights (Washington Consensus). This term now, however, has evolved to apply to the negativtities associated with globalization.
Interestingly, the policies encompassed by the so-called "Washington Consensus" in Latin America reach back to the 1970s, two decades before the term was even coined.
The term "Washington Consensus" is actually not that unique in that its meaning has evolved over time to suggest different things to different people. The meaning of
the term "globalization" that is so intertwined with the popular meaning of the Washington Census today, for example, also is heavily debated. Foreign Policy (56), however, contends that "there
seems to be a consensus that globalization is defined by increasing levels of interdependence over vast distances". In Latin America anyway that interdependence has been substantial. Foreign debt
has been its primary manifestation but there have been problems relating to land tenture as well. Very soon after Latin American countries obtained their independence it became apparent that
their over-dependence on the export of only one or two agricultural or manufacturing products left them in a shaky economic condition. Their heavy dependence on natural resources was even
more alarming. With time the economics of several of these countries would begin to change with various political developments. A variety of political and military actions resulted in
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