The World Bank has recently released a report on poverty in Latin America arguing for a reversal of many of the market reform policies known as "The Washington Consensus." The Bank has been supporting these policies for more than 15 years, reports The Washington Post
Under The Washington Consensus, countries were offered loans from the IMF and World Bank if they deregulated industries, privatized corporations and chose to focus on balanced budgets and inflation control over state welfare and reducing unemployment. The report entitled "Poverty Reduction and Growth: Virtuous and Vicious Circle" argues that the World Bank should be focusing on reducing income inequality and highlights the importance of an increased role of the state.
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