PROS 

CONS
Many of it's ideas worked
Water supply improvements led to
infant mortality rates in the poorest
areas to decrease by 24%.
Free trade not great for developing countries
Free trade is not always in the best interest of developing
nations. Infant industries protected for long term growth
and so help from subsidies and tariffs against imports

Williamson's 10 points are all valid. Privatization leads to markets being neglected
If all 10 recommendations are applied Privatization can often lead to companies ignoring
appropriately, economics stability and certain low-income markets or the social needs of a
growth should ensue. developing fad economy.

Increased levels of market Free market has it's own faults.

liberalization are great! As we saw in 2008-09, increased deregulation can lead
This should stimulate competition and to financial volatility that can infect entire economies.
this consequently leads to economic
growth

Washington consensus is often interchangeably used with neoliberalism and blamed for

everything that's gone wrong in the developing world but Williamson argues 

The Washington consensus may be a damaged brand name but in some cases it has worked

for example the water supply has the improvement of water supply has led to infant mortality in

the poorest areas

There is also the idea that Williamson's 10 points as we discussed if implemented correctly

would improve the majority of economies around the world um you know if applied they would

contribute to lower increasing economic stability within countries and promote economic growth

finally the advocates of the Washington

Washington consensus argue that great levels of market liberalization in line with the

Washington consensus recommendations should stimulate competition and consequently lead

to economic growth once more in terms of cons some economists argue that free trade is not

always in the best interest of developing countries some strategic and infant industries have to

be protected initially to provide long-term growth these industries may also require more

protection than usual in the form of subsidies and tariffs against imports from these developing
countries we then have private privatization which can increase productivity and enhance the

quality of the product or the sir or service in some cases

However privatization can also lead to companies ignoring certain low-income markets or the

social needs of a developing economy finally the free market has its own faults and instabilities

as we saw with the great recession in 2008-09 increased deregulation can lead to financial

volatility that can infect the entire economy so thanks again for watching this video on the

Washington consensus ( diễn giải) 

From those things, there are some following lessons provide a useful general guide

going forward:

 First, considering carefully in the institutional contexts, initial conditions of

development and sociopolitical environment, among others. 

 Second, ownership of the reform agenda by local governments with stakeholder

buy-in is important to encourage support for the reforms and increase the

likelihood of success. 

 Third, the negative spillovers of reform policies need to be minimized.

Investment in social safety nets is a crucial part of reforms to protect the most

vulnerable populations within the countries. 

 Fourth, where reforms aim to achieve macroeconomic stability, they should not

trade away social investment in human capital like education and health.

Finally, reforms should be a process of continuous reevaluation, adjustment,

and recalibration over the reform period.