Washington Consensus

The Washington Consensus is a set of economic ideas that were designed to help developing countries become richer and develop their economies in the 1980s and 1990s. It is based on the idea that if countries cut back on government spending, lower taxes, and allow people to buy and sell things freely (called “free markets”), then economies will become more efficient and grow faster. The Washington Consensus has been used by many countries around the world, but some people think that it has had mixed results.