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Reform, Reform the Reforms or Simply Regression? The Washington Consensus' and its Critics

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  • Mavroudeas, Stavros
  • Papadatos, Fanis

Abstract

The 'Washington Consensus' analysis and policies are being disputed both analytically and for their effectiveness.This paper surveys first the debate on the definition of the 'Washington Consensus' vis-a-vis its apparent developmental shortcomings. Then it surveys the major areas where the 'Washington Consensus' isjudged as a failure (with articular emphasis on the crises of the 1990s).In the next part it presents the main responses to the 'crisis' of the 'Washington Consensus'. Its supporters are categorised in tre fundamentalists and the reformists whereas its opponents are divided in the post-Washington Consensus adherents and the Marxist critics. It is argued that the Marxist perspective offers a superior understanding and critique of the 'Washington Consensus'.

Suggested Citation

  • Mavroudeas, Stavros & Papadatos, Fanis, 2007. "Reform, Reform the Reforms or Simply Regression? The Washington Consensus' and its Critics," MPRA Paper 19735, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:19735
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    References listed on IDEAS

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    3. -, 1995. "Latin America and the Caribbean: policies to improve linkages with the global economy," Libros de la CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 2141 edited by Cepal.
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    5. Joseph E. Stiglitz, 1999. "More instruments and broader goals: moving toward the Post-Washington Consensus," Brazilian Journal of Political Economy, Center of Political Economy, vol. 19(1), pages 101-128.
    6. Paul W. Miller & Jonathan J. Pincus, 2010. "Introduction," The Economic Record, The Economic Society of Australia, vol. 86(s1), pages 1-1, September.
    7. Richard Kozul-Wright & Paul Rayment, 2004. "Globalization Reloaded: An Unctad Perspective," UNCTAD Discussion Papers 167, United Nations Conference on Trade and Development.
    8. Stiglitz, Joseph E, 1989. "Markets, Market Failures, and Development," American Economic Review, American Economic Association, vol. 79(2), pages 197-203, May.
    9. Kuczynski, Pedro-Pablo & John Williamson (ed.), 2003. "After the Washington Consensus: Restarting Growth and Reform in Latin America," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 350, October.
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    Cited by:

    1. Stefano di Bucchianico, 2019. "A bit of Keynesian debt-to-GDP arithmetic for deficit-capped countries," Bulletin of Political Economy, Bulletin of Political Economy, vol. 13(1), pages 55-83, June.

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    More about this item

    Keywords

    Development; WashingtonConsensus; Political Economy;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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