Evolving development strategies - Beyond the Monterrey Consensus
- Author: United Nations Conference on Trade and Development
- Main Title: Trade and Development Report 2006 , pp 41-72
- Publication Date: October 2006
- DOI: https://doi.org/10.18356/086eb678-en
- Language: English
Policy reforms undertaken by developing countries in the 1980s and 1990s were strongly influenced by the international financial institutions, which emphasized stabilization and liberalization. Through their lending activities and political support from the major industrialized countries, the International Monetary Fund (IMF) and the World Bank were able to exercise considerable leverage on the design and implementation of developing countries’ macroeconomic and development policies. The new policy agenda, which came to be labelled the “Washington Consensus”, evolved over time, incorporating additional elements in response to the disappointing outcomes of reform programmes and to criticism that emanated from the international policy debate.
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