Economic Liberalisation in Latin America
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The book explores the process of economic liberalisation in Latin America and revises the transition from the import substitution industrialisation model to the market-oriented reforms. It explains the theoretical foundations of the neoliberal paradigm and the implications of the policies that were labelled as Washington Consensus. The book also incorporates an assessment on the socio-political norms added to the orthodox prescription, the so-called Post-Washington Consensus. The study comprises a general analysis on the subcontinent and on different economic liberalisation paths by looking at four country case studies, Mexico, Brazil, Chile and Uruguay, since the 1980s to recent years.
From this approach, the reader can analyse weaknesses and strengths, the socioeconomic performance, and the difficulties that Latin America has presented through the turbulent process of economic liberalisation both in an early stage and over the longer-run, by means of country case studies encompassing the most diverse and representative styles of economic openness in the subcontinent. This allows to identify the challenges the country face and the appropriate policies they can follow to cope with sustained economic growth, poverty reduction and income distribution within an economic openness environment. The study is carried out analysing and contrasting theoretical and empirical perspectives, allowing a broader understanding of the topics.
The book is a complementary reading for textbooks, due to the objectivity with which it addresses important and quotidian issues in the region, associating empirical and theoretical topics, and facilitating the understanding of the international political economy of Latin America. It is as well suitable for practitioners and researches, because of the depth it copes with specific topics and the useful analysis it conducts to incorporate policy implication and suggestions to achieve equitable growth in a context of liberal markets.
Table of Contents
1. The Emergence Of The Washington Consensus In Latin America: Theoretical Foundations And Challenges
1.1. From the Import Substitution Industrialisation Model to the Market-Oriented Reforms
1.2. The Neoliberal Model
1.2.1. Theoretical Foundations
2. Implications Of The Washington Consensus Reforms And Resulting Trends
2.1. Liberalisation Process and its Impact on Latin America
2.1.1. Economic Context
2.1.2 Democratic and Social Context
2.1.3. Statistical Evidence
2.2 The Post Washington Consensus
2.2.1 Causes and Characteristics
3. Country Case Studies, Economic Liberalisation Implementation And Short-Run Results
4. Long-Run Evolution Of Equity And Growth
5. Final Remarks
Gerardo Angeles-Castro accomplished his PhD in economics from the University of Kent, UK. Consultant advisor at Technopoli and research economist at the School of Economics in the Instituto Politécnico Nacional, Mexico. Member of the National Researchers System, CONACYT, Mexico. Research interests: economic development, applied econometrics, international political economy, transport economics.