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How does the Santiago or New Consensus differ from the Washington Consensus? A) The financial sector...

How does the Santiago or New Consensus differ from the Washington Consensus?
A) The financial sector needs no supervision
B) Development must be market-based, but there are large market failures that cannot be ignored.
C) Providing trade restrictions
D) Government should be in the business of direct production

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Answer #1

Solution: development must be market-based, but there are large market failures that cannot be ignored.

Explanation: The Santiago Consensus differs from New Consensus superficially as it included ideas of development need to be market-based however there are huge market failures which cannot be over-looked. Moreover as a general rule the government should not be in direct production business

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