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THE WASHINGTON CONSENSUS List of Reforms that should be adopted by Developing Economies in order to Quicken the Pace of Growth and Development Rule of Law – Government must have the ability and willingness to Transparency of government – Transparency of government helps minimize opportunities for corruption. Well-established, functioning institutions that support market- based growth If necessary, reform the legal code. Need both a commercial law code as well as criminal law code. There should be company law, patent laws, bankruptcy laws, etc. Political policy on competition & foreign trade & investments Financial, banking institutions that operate under forces of market supply and demand Regulatory environment for industry standards, labor, competition policy. Media for information dissemination and access to timely, accurate, complete information Transportation infrastructure & networks to improve
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This note was uploaded on 11/10/2011 for the course ECON 4310 taught by Professor Staff during the Fall '08 term at Kennesaw.

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