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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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    File URL: https://mpra.ub.uni-muenchen.de/19735/1/MPRA_paper_19735.pdf
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    References listed on IDEAS

    as
    1. Rodrik, Dani, 2005. "Growth Strategies," Handbook of Economic Growth,in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 14, pages 967-1014 Elsevier.
    2. Paul W. Miller & Jonathan J. Pincus, 2010. "Introduction," The Economic Record, The Economic Society of Australia, vol. 86(s1), pages 1-1, September.
    3. Rodnik, Dani, 1992. "Conceptual issues in the design of trade policy for industrialization," World Development, Elsevier, vol. 20(3), pages 309-320, March.
    4. Richard Kozul-Wright & Paul Rayment, 2004. "Globalization Reloaded: An Unctad Perspective," UNCTAD Discussion Papers 167, United Nations Conference on Trade and Development.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Development; WashingtonConsensus; Political Economy;

    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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