Across legal and economic disciplines, there have been many
arguments regarding the benefits of free trade on developing
countries. At the heart of such discussion is the controversial
result of the Washington Consensus “describe[ed] a set of ten
specific economic policy prescriptions that … constitute a
"standard" reform package promoted for crisis-wracked developing
countries by Washington D.C based institutions such as the
International Monetary Fund (IMF), World Bank and the U.S.
Treasury Department.” (Wikipedia). According to Dani Rodrik
(2006) the ten commandments of Washington consensus were: 1.
Fiscal discipline 2. Reorientation of public expenditures 3. Tax
reform 4. Financial liberalization 5. Unified and competitive
exchange rates 6. Trade liberalization 7. Openness to FDI
10.Secure Property Rights In an assessment of the literature on
the theory and empirical research relating to the benefits of
trade liberalization, Deraniyagala and Fine (2001) found that
much of the works were flawed, and conclu