Political Science · International Relations
UGC NET January 2017 Political Science
The Washington Consensus did not stand for
AFiscal discipline
BTax reforms
CFinancial and trade liberalization
DA state-controlled market system ✓ Correct
Correct answer: (D) A state-controlled market system — The Washington Consensus did not stand for a state-controlled market system.
Explanation
★The Washington Consensus did not stand for a state-controlled market system.
★It was a set of free-market policy prescriptions for developing economies.
★It favoured fiscal discipline and sound public finances.
★It favoured tax reforms to broaden the base and lower rates.
★It favoured the liberalization of finance and trade.
★Its whole thrust was towards markets, not state control.
★So a state-controlled market system is contrary to it.
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