In 1985, then–Treasury Secretary James Baker gave a speech in South Korea laying out a series of economic proposals. Later, in 19189, some of these reforms were included in “Washington Consensus” by a British economist named John Williamson.

*John specified ten principles:* 

1. Low government borrowing.
   
2. Diversion of spending from subsidies to long-term growth sectors.
   
3. Broadening the tax base and adoption of marginal tax rates.
   
4. Market-determined interest rates.
   
5. Competitive exchange rates resulting from freely-floating currency exchange.
   
6. Adoption of free trade policies.
   
7. Relaxing rules on foreign direct investment.
   
8. Privatisation of state enterprises.
   
9. Eradication of regulation/policies which inhibit competition or add barriers to entry.
   
10. Development of property rights.
    
    

In 2020, the adoption of these principles has since transformed economies around the world.