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STAVROS D. MAVROUDEAS & DEMOPHANES PAPADATOS

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-à-vis its apparent developmental shortcomings. Then it surveys the major areas where the ‘Washington Consensus’ is judged as a failure (with particular 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 the 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’.