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Rowan Sheppard TMA02 Outline the view that democratisation stimulates development. In the 1990's the opinion that democratisation stimulates development was a popular one amongst Western aid circles. The idea that democratisation stimulates development was given the term 'The Washington Consensus', by economist John Williamson in 1989. Supporters of the Washington Consensus argue that its policies are composed of successful methods of restoring financial stability and economic growth to nations. The idea is centred on privatising state-owned enterprises, reducing state taxes and liberalizing interest rates. It looked particularly at trade and attracting foreign direct investment. A combination of liberal democracy, good governance and liberal market capitalism provided elements of a comprehensive strategy for development success for all types of society. Good governance is sound management of a country's economic and social resources[RK1]. Aid agencies such as the World Bank tried to stimulate development by including liberal democratic conditions to aid packages and supporting good governance. Western...

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