TABLE 3.1. The Augmented Washington Consensus
Original Washington Consensus
1. Fiscal discipline
2. Reorientation of public expenditures
3. Tax reform
4. Financial liberalization
5. Unified and competitive exchange rates
6. Trade liberalization
7. Openness to direct foreign investment
8. Privatization
9. Deregulation
10. Secure property rights
“Augmented” Washington Consensus—the preceding 10 items plus:
11. Corporate governance
12. Anticorruption measures
13. Flexible labor markets
14. World Trade Organization agreements
15. Financial codes and standards
16. “Prudent” capital-account opening
17. Nonintermediate exchange rate regimes
18. Independent central banks and inflation targeting
19. Social safety nets
20. Targeted poverty reduction
Source: Rodrik (2006: 980).