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QUESTION: The Washington Consensus tends to emphasize which of the following? CHOICES: a) socialism b) prioritized...

QUESTION: The Washington Consensus tends to emphasize which of the following?

CHOICES:

a) socialism

b) prioritized economic rights

c) private capitalism

d) state capitalism

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Homework Answers

Answer #1

Washington Consensus refers to the policy options adviced by the International economic institutions like World Bank, IMF in collaboration with US government to the least developed countries and developing countries to achieve faster economic growth.

These policy options stressed on market based growth rather that growth by government intervention.

The basic tenents of these options are as follows -

1. There is should be well established private property rights with strong and transparent enforcement system.

2. Market forces should be allowed to work freely.

3. Economies should be opened up to foriegn trade and capital.

These all tenents points towards the private captalism scenario.

So,

The Washington Consensus tends to emphasize on private capitalism.

Hence, the correct answer is the option (c).

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