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30 July, 14:39

What development strategy/policy favored by the IMF, World Bank, and the US compels developing nations to reform their economies along neoliberal lines in order to compete in the global market?

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  1. 30 July, 16:22
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    Structural adjustment based on the Washington Consensus

    Explanation:

    When the IMF or the World Bank makes a loan to a developing nation that is in financial problems, the demand the country to start a policy of structural adjustment based on the economic principles known collectively as the Washington Consensus.

    Some of the demands of the Washington Consesus are:

    Fiscal discipline, reducing budget deficits. Reforming the tax structure, so that more people pay taxes, but everyone pays less proportional to their total income. Privatization of public enterprises. Promotion of free trade.
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