used by academic
when referring to the shared perception
of the U.N.
, the IMF
, the World Bank
, and the World Trade Organization
(among others) that neo-conservative free-market capitalism
(ie. global trade
and the market economy
) is the most effective means
. Falls under the wider regime of mainstream development
According to the 'Washington Consensus', 'democratic capitalism' will soon be accepted throughout the world. A global free market will become a reality. The manifold economic cultures and systems that the world has always contained will be redundant. They will be merged into a single universal free market.
John Gray, False Dawn , New York: The New Press, 1998, p. 4.
Underdevelopment theorists invoke the Washington Consensus as the major impediment to grass roots, bottom-up foreign aid.