Political Science · India's Foreign Policy
UGC NET Jun 2025 Political Science
The term 'The Washington Consensus' was coined by:
AHannah Arendt
BMax Weber
CMilton Friedman
DJohn Williamson ✓ Correct
Correct answer: (D) John Williamson — The term was coined by John Williamson, so that is the answer.
Explanation
★The term was coined by John Williamson, so that is the answer.
★Williamson, an economist at the Institute for International Economics, coined it in 1989.
★It described a set of ten standard economic-reform prescriptions for developing countries.
★These stressed free-market principles such as trade liberalisation and privatisation.
★They also emphasised fiscal discipline and deregulation.
★The package was promoted by Washington-based bodies like the IMF, World Bank and US Treasury.
★It became a shorthand for market-oriented structural reform in the late twentieth century.
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