Optimize IAS
  • Home
  • About Us
  • Initiatives
    • Daily Practice Sheets
    • Daily Prelims Notes
    • Prelims Power Play
    • Friday Factly
    • Sunday Essay Sadhna
    • Mains Master Notes
    • Public Administration Answer Writing
    • LAQSHYA 2021 OPTIMA – Daily Net Practice
  • PROVEN STRATEGY
    • Prelims Strategy
    • Mains Strategy
    • Interview Strategy
    • Sunday Success Sutra
  • LAQSHYA 2021 OPTIMA
  • Resources
    • DPS Compilation
    • DPN Compilation
    • Friday Factly Compilation
    • Sunday Essay Sadhna Compilation
    • Toppers Notes
      • PSIR Notes
      • General Studies Notes
    • UPSC Mains Previous Year Papers
  • Contact Us
  • Home
  • About Us
  • Initiatives
    • Daily Practice Sheets
    • Daily Prelims Notes
    • Prelims Power Play
    • Friday Factly
    • Sunday Essay Sadhna
    • Mains Master Notes
    • Public Administration Answer Writing
    • LAQSHYA 2021 OPTIMA – Daily Net Practice
  • PROVEN STRATEGY
    • Prelims Strategy
    • Mains Strategy
    • Interview Strategy
    • Sunday Success Sutra
  • LAQSHYA 2021 OPTIMA
  • Resources
    • DPS Compilation
    • DPN Compilation
    • Friday Factly Compilation
    • Sunday Essay Sadhna Compilation
    • Toppers Notes
      • PSIR Notes
      • General Studies Notes
    • UPSC Mains Previous Year Papers
  • Contact Us

WASHINGTON CONSENSUS

  • February 3, 2021
  • Posted by: admin1
  • Category: DPN Topics
No Comments
Print Friendly, PDF & Email

 

 

WASHINGTON CONSENSUS

Subject : Economics

Context : The Budget  marks an important departure from one of the key tenets of the Washington Consensus, the framework for market-oriented economics which has dominated policy making in most parts of the world

Concept :

  • The Washington Consensus is a set of 10 economic policy prescriptions by Washington, D.C.-based institutions such as the International Monetary Fund (IMF), World Bank and United States Department of the Treasury.
  • It constitutes the “standard” reform package promoted for crisis-stricken developing countries.
  • The prescriptions encompassed policies in such areas as macroeconomic stabilization, economic opening with respect to both trade and investment, and expansion of market forces within the domestic economy.

10 Policy prescriptions:

  • Fiscal policy discipline, with avoidance of large fiscal deficits relative to GDP.
  • Redirection of public spending from subsidies (especially indiscriminate subsidies) toward broad-based provision of key pro-growth, pro-poor services like primary education, primary health care and infrastructure investment.
  • Tax reform, broadening the tax base and adopting moderate marginal tax rates.
  • Interest rates that are market determined and positive (but moderate) in real terms.
  • Competitive exchange rates.
  • Trade liberalization: Liberalization of imports, with particular emphasis on elimination of quantitative restrictions (licensing, etc.); any trade protection to be provided by low and relatively uniform tariffs.
  • Liberalization of inward foreign direct investment.
  • Privatization of state enterprises.
  • Deregulation: Abolition of regulations that impede market entry or restrict competition, except for those justified on safety, environmental and consumer protection grounds, and prudential oversight of financial institutions.
  • Legal security for property rights.
economics WASHINGTON CONSENSUS
Print Friendly, PDF & Email
Loading

Recent Posts

  • Quiz 2021: Prelims Power Play 13 April 2021 April 13, 2021
  • Daily Prelims Notes 13 April 2021 April 13, 2021
  • NHRC April 13, 2021
  • INDEX OF INDUSTRIAL PRODUCTION April 13, 2021
  • SHANTIR OGROSENA April 13, 2021
  • REGEN COV April 13, 2021
  • REFUGEES & ILLEGAL IMMIGRANTS April 13, 2021
  • CHIEF ELECTION COMMISSIONER April 13, 2021
  • NEW YEAR FESTIVALS IN INDIA April 13, 2021
  • INDUSTRIAL & MEDICAL OXYGEN April 13, 2021

About

If IAS is your destination, begin your journey with Santosh Sir. I have the distinction of clearing all 6 UPSC CSE Prelims with huge margins.

I mastered the art of clearing UPSC CSE Prelims and in the process devised an unbeatable strategy to ace Prelims which many students struggle to do 

My Initiative

  • Daily Practice Sheets
  • Daily Prelims Notes
  • Friday Factly
  • Prelims Power Play
  • Sunday Essay Sadhna

My Proven Strategy

  • Interview Strategy
  • Mains Strategy
  • Motivational
  • Prelims Strategy

Contact us

Contact@optimizeias.com

Search