ECONOMIC AFFAIRS: Time to reappraise the Washington Consensus?*

Regular readers of News Weekly will be familiar with the term Washington Consensus, even though the term, originally coined in the United States, is seldom used in Australia.
When used here, it has usually been associated with a strict free-market approach to economic management, characterised by the pursuit of small government, lower taxation, deregulation of financial markets, free trade and privatisation. The “consensus” surrounding these policy prescriptions was said to have…

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