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PSIR Optional PYQ Solutions · Model answer

Sketch the journey of global political economy from Washington consensus to the present. (150 words)

  • UPSC 2013
  • 10 marks
  • Evolution of the International Economic System

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John Williamson coined "Washington Consensus" in 1989 for the ten policies on which the IMF, the World Bank and the US Treasury had converged: fiscal discipline, liberalised trade and FDI, privatisation and deregulation. He meant it as description, not dogma, but it became the template for crisis-hit developing countries inside a US-built liberal architecture. Its…

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What the full answer covers

  • 1. High tide (1989–1997)
  • 2. Crisis and revision (1997–2007)
  • 3. The core's own crisis (2008–2016)
  • 4. Fragmentation and geo-economics (2017–present)
  • Conclusion
PSIR Optional PYQ Solutions

PSIR Optional PYQ Solutions

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