What defines the "Washington Consensus" in terms of international development strategies?

The "Washington Consensus" is primarily characterized by its focus on free-market economic policies. This term emerged in the late 20th century to describe a set of economic reform policies that were widely endorsed by institutions like the International Monetary Fund (IMF) and the World Bank. These policies promote liberalization of trade and investment, deregulation, and privatization, which are all fundamental components of free-market ideologies.

The rationale behind this emphasis is that market-oriented reforms are believed to stimulate economic growth, attract foreign investment, and foster competition, all of which are seen as essential for development in economies transitioning from state-controlled to market-driven approaches. By advocating for these free-market solutions, the Washington Consensus aims to help countries improve their economic performance and reduce poverty.

In contrast, the other options mention strategies that are contrary to the principles of the Washington Consensus. For instance, state-led development implies significant government intervention, while protectionist measures focus on shielding domestic industries from foreign competition, which is opposed to the ideals of free trade. Furthermore, advocating for uniform government regulations does not align with the preference for market-driven solutions that prioritize deregulation.