The Washington Consensus was a list of ten “must do” policies authored by development economist John Williamson in 1989. The full list was fiscal discipline, reordering public expenditure priorities, tax reform, liberalizing interest rates, (maintaining) a competitive exchange rate, liberalizing trade and foreign direct investment (FDI), privatization, and deregulation. They were intended to capture “the extent to which the old ideas of development economics … were being swept aside.”

Mark Blyth, Austerity, loc. 433