QUESTION #1 FINANCIAL LIBERALIZATION IN PWCR When looking at how financial liberalization (FL) is present in the Post-Washington Consensus Regime (PWCR), it is important to follow our new IPE approach which consists of two categories: materiality and ideas. This approach allows the reader to observe FL’s role in Global Development in action by answering three key questions: Who benefits and why from the way financial crises are resolved? What is the nature and source of power? How is the tension between the pursuit of FL and the socio-economic effects of crises resolved?This paper will argue that FL is present in the PWCR despite the controversies because the power lies with the IMF which is heavily influenced by the Wall St Treasury Complex (WSTC) and lastly because it ensures the relevancy of the IMF. This paper will first define what a regime is and then show how materiality and ideas lead to the PWCR. Next I will discuss what FL is and its controversiality and conclude by answering the three IPE questions. Throughout history
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The first feature was inclusive development which meant involving the countries in the Global South in the meetings about how to deal with poverty and looked at development from a holistic approach instead of just focusing on the economy. The second feature was participatory development which again stressed the importance of involving the countries in the Global South by creating poverty reduction strategy papers (PRSPs) which replaced SAPs and made the process more participatory. The final feature was good governance which meant establishing good governments that were not corrupt, had a formal rule of law, and were transparent. The main goal of the PWCR approach was for countries to create a good environment for investment which would allow the market to thrive and this would be done by financial
The first feature was inclusive development which meant involving the countries in the Global South in the meetings about how to deal with poverty and looked at development from a holistic approach instead of just focusing on the economy. The second feature was participatory development which again stressed the importance of involving the countries in the Global South by creating poverty reduction strategy papers (PRSPs) which replaced SAPs and made the process more participatory. The final feature was good governance which meant establishing good governments that were not corrupt, had a formal rule of law, and were transparent. The main goal of the PWCR approach was for countries to create a good environment for investment which would allow the market to thrive and this would be done by financial