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Washington Consensus

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BOTSWANA AND THE WASHINGTON CONSENSUS
HAVE THE RECOMMENDED POLICIES OF THE WASHIGNTON CONSENSUS BEEN IMPLEMENTED IN BOTSWANA? WHAT RES (Harvey C, 1996) (Botswana, 1966)ULTS HAVE BEEN ACHIEVED WHERE THE RECOMMENDED POLICIES HAVE BEEN IMPLEMENTED AND OR NON-IMPLEMENTED?
INTRODUCTION
The term “Washington Consensus” was the brain child of the English economist John Williamson. According to Williamson, the term referred to a set of ten specific economic policy prescriptions that he considered to represent the standard reform package promoted for developing countries, especially the Latin America by Washington based institutions such as the IMF and the World Bank. (Williamson, 2002). The policies prescribed encompassed: Fiscal discipline, redirection of public expenditure towards broad-based provision of key pro-growth, pro-poor services like primary education and primary health, tax reform, financial liberalization, a competitive exchange rate, trade liberalization, liberalization of inward foreign direct investment, privatization, deregulation and secure property rights.
According to Williamson (1996), the phrase Washington Consensus has become a familiar term in development policy circles. The term has come to be used fairly widely in a second, broader sense, to refer to a synonym for what is often called market fundamentalism or neo-liberalism which refers to Laissez-faire Economics, that is , lets bash the state, the market will resolve everything. However, Williamson dispute the idea of complete bashing of the state, he asserts that indeed Washington Consensus focused primarily on policies that reduced the role of the government, but the policies did not imply a complete swing to the opposite extreme of market fundamentalism and the restrained role of the government. Many interpreted the Washington Consensus as a policy manifesto that is supposedly believed to be...

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