The Washington Consensus on Foreign Investment

The new liberals instead think everything should be planned, not by the government, but should be planned in Wall Street. And related to that is adopting a competitive single exchange rate, and letting the so-called free market determine a currency for countries' exchange rate. So this is another way of letting foreign markets, foreign investors determine how strong or weak your country's currency will be. By completely lifting all currency controls, it usually led to a massive devaluing of currencies in the global south. This made exports more competitive, but made it very difficult for local workers to buy products. It's an attack on workers as the class wore.