ABSTRACT
In 1989, John Williamson (1990) presented the term ‘Washington Consensus’ (WC) to describe the consensus between the Washington-based United States Executive Branch, the International Monetary Fund (IMF) and the World Bank (WB). These three entities are the main financiers of developing economies. Originally, the WC term was associated with the policies and conditionalities imposed by ‘Washington’ upon Latin America. Subsequently, the perceived ‘success’ in Latin America gained international appeal, making the WC the dominant set of policies and conditionalities for international development. Nevertheless, the WC evolved as a prescription for international development under the burden of condemnation, assessment, and ever-changing economic conditions. By 2003, the WC policy-set for international development was modified. Accordingly, Kuczynski & Williamson (2003) substituted the original term with a new name, ‘After the Washington Consensus’ (AWC), designating a supposedly ‘new’ set of policy reforms for developing economies which did not significantly deviate from the original WC.
