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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'.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 19735.

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Date of creation: 2007
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Handle: RePEc:pra:mprapa:19735

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Keywords: Development; WashingtonConsensus; Political Economy;

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  1. Dani Rodrick, 2003. "Growth Strategies," Economics working papers, Department of Economics, Johannes Kepler University Linz, Austria 2003-17, Department of Economics, Johannes Kepler University Linz, Austria.
  2. Paul W. Miller & Jonathan J. Pincus, 2010. "Introduction," The Economic Record, The Economic Society of Australia, The Economic Society of Australia, vol. 86(s1), pages 1-1, 09.
  3. Rodnik, Dani, 1992. "Conceptual issues in the design of trade policy for industrialization," World Development, Elsevier, Elsevier, vol. 20(3), pages 309-320, March.
  4. Richard Kozul-Wright & Paul Rayment, 2004. "Globalization Reloaded: An Unctad Perspective," UNCTAD Discussion Papers, United Nations Conference on Trade and Development 167, United Nations Conference on Trade and Development.
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