Fiscal Austerity, Privatization and market liberalization were the three pillars of Wasington consensus advice throughout the 1980s and 1990s. The wasington consensus policies were designed to respond to the very real problems in Latin America, and made considerable sense.
But the problem was that many of these policies became ends in themselves, rather than means to more equitable and sustainable growth. In doing so, these policies were pushed too far, too fast, and to the exclusion of other polices that were needed. The result have been for from those intended. The IMF Vigorously pursued privatization and liberalization, at a pace and in a manner that often imposed very real costs on countries ill-equipped to incur them. In this article critically described the impact of privatization regarding consumers, workers and corruption. This article is based on secondary sources.
NGO, Globalization, Growth
