In 1989, economist John Williamson coined the term "Washington Consensus" in a paper listing ten policy prescriptions he observed as common ground among the IMF, World Bank, and US Treasury for Latin American reform: fiscal discipline, trade liberalisation, privatisation, deregulation, and capital-account openness. The policies were applied as conditions on IMF and World Bank loans through the 1990s and 2000s. Critics including Nobel laureate Joseph Stiglitz ("Globalization and Its Discontents," 2002) argued the conditionality was harmful and ideologically driven. The Asian financial crisis (1997-98) and Argentina's 2001-02 collapse became central exhibits. Williamson himself argued in 2004 that his original list was misrepresented as "neoliberalism" in its critics' use.