Final answer:
The Washington Consensus was a set of economic policies and development strategies promoted by the IMF and the World Bank. It aimed to promote economic stability and growth in developing countries through measures such as trade liberalization and privatization.
Step-by-step explanation:
The Washington Consensus was a set of economic policies and development strategies promoted by the International Monetary Fund (IMF) and the World Bank in the 1980s and 1990s. It aimed to promote economic stability and growth in developing countries by advocating for fiscal balance, macroeconomic stability, trade liberalization, deregulation, privatization, and the attraction of foreign direct investment. The Washington Consensus included measures such as reducing trade deficits through currency devaluation, cutting budget deficits through austerity programs, and focusing economic output on resource extraction.