1st Edition

International Development and the Washington Consensus A Pluralist Perspective

By John Marangos Copyright 2021
    244 Pages
    by Routledge

    244 Pages
    by Routledge

    In this book, John Marangos offers an insightful analytical and theoretical review of the Washington Consensus and its successors among the mainstream. Following an intuitive structure, it explores international development and the Washington Consensus, as a critique through the lenses of Neoclassical economics, Post Keynesian economics, Institutional economics, and Marxist economics. Ultimately, it provides a compelling alternative perspective to the dominant development paradigm, and enables readers to identify the interconnections, interrelationships, and intercontradictions between different frameworks and policies.

    It will be a valuable supplementary reading for students, researchers, and policymakers in international development, development economics, heterodox economics, and the history of economic thought.

    List of Tables



    Chapter 1 Introduction: International Development and the Washington Consensus

    Chapter 2 The Evolution of the Washington Consensus

    Chapter 3 Neoliberal Economics and International Development: The Neoclassical Response to the Washington Consensus

    Chapter 4 The Washington Consensus and Shock Therapy in Transition Process

    Chapter 5 Post Keynesian Economics and International Development: The Post Keynesian Response to the Washington Consensus

    Chapter 6 Institutional Economics and International Development: The Institutional Response to the Washington Consensus

    Chapter 7 Marxist Economics and International Development: The Marxist Response to the Washington Consensus.




    John Marangos is Professor of Economics, at the Department of Balkan, Slavic and Oriental Studies at the University of Macedonia, Thessaloniki, Greece.

    The "Washington Consensus" has shaped the world for nearly four decades since the 1980s. Although officially termed that way in 1990 only, neoliberal "structural reforms" had already been introduced to third countries before that. But thereafter, it was the vehicle for severe interventions into many countries that received credit from the IMF (and World Bank). It survived the 2008 financial crisis and the lingering Great Recession. This book provides a balance of its evolution, which is overly due and highly topical under the current "turn of the tide". Marangos’ huge merit is to also analyze it under plural "heterodox" perspectives, which illuminates many new aspects of the history of neoliberalism. A must-read that comes timely, as we all have to consider rebuilding the international political economy.

    Dr Wolfram Elsner, Professor of Economics, University of Bremen, Business Studies & Economics (retired)

    The topic of the Washington Consensus is always a good subject to discuss, given that the mainstream must take responsibility for having inflicted such pain on developing countries. In this sense, pluralist or heterodox economists must take up the opportunity of measuring the catastrophic consequences of the Washington Consensus. In this book, John Marangos does just this. He proposes a thorough analysis of it, from its roots to implementation, and offers a fair but insightful analysis, including the response by post-Keynesians, institutionalists, and Marxists. It is truly, a tour de force. This book is a must for any development and macroeconomics class.

    Louis-Philippe Rochon, Full Professor of Economics - Laurentian University

    John Marangos’ important new book arrives just in time to help us think through the challenges of rebuilding a post-Covid-19 world economy organized around principles of decency, sustainability, and resilience. The book provides urgently needed inspiration for policymakers and civil society actors searching for new approaches to policies that support development and human well being.          

    Ilene Grabel, Distinguished Professor of International Finance, Josef Korbel School of International Studies, University of Denver (USA).

    With International Development and the Washington Consensus, we now finally have a convincing critical analysis of the core methodology that has influenced economic policy decisions across developing and emerging markets over the past several decades. The book masterfully covers both theoretical and applied aspects of the research problem, including a review of the development experience in the post-socialist countries of Central and Eastern Europe and former Soviet Union. Anyone working in the economic development field should read this book!

    Aleksandr V. Gevorkyan, Henry George Chair in Economics and Associate Professor of Economics at St. John’s University, USA, author of Transition Economies: Transformation, Development, and Society in Eastern Europe and the Former Soviet Union