The liberal approach to economic development that prioritizes privatization, liberalization of trade and foreign direct investment, government deregulation in favor of open competition and broad tax reform is known as

The answer is Washington Consensus, refers to the set of neoliberal economic policy measures applied since the 1980s, which consisted of the fight against the public deficit through the reduction of spending, reforms to reduce tax progressivity, the privatization of public companies , the liberalization of trade and international capital markets, the minimization of the conditions for the entry of direct foreign investment and the deregulation of internal labor markets, among others.