The political and economic history of Latin America
has been marked by great hopes and even greater
disappointments. Despite abundant resources - and a
history of productivity and wealth - in recent decades
the region has fallen further and further behind
developed nations, surpassed even by other developing
economies in Southeast Asia and elsewhere. In ''Left
Behind'', Sebastian Edwards asks why the nations of
Latin America have failed to share in the fruits of
globalization and forcefully highlights the dangers of
the recent turn to economic populism in the region. He
begins by detailing the many ways Latin American
governments have stifled economic development over the
years through excessive regulation, currency
manipulation, and thoroughgoing corruption. He then
turns to the neoliberal reforms of the early 1990s,
which called for the elimination of deficits, lowering
of trade barriers, and privatization of inefficient
public enterprises-and which, Edwards argues, held the
promise of freeing Latin America from the burdens of the
past.Flawed implementation, however, meant the promised
gains of globalization were never felt by the mass of
citizens, and growing frustration with stalled progress
has led to a resurgence of populism, exemplified by the
economic policies of Venezuela's Hugo Chavez. But such
measures, Edwards warns, are a recipe for disaster;
instead, he argues, the way forward for Latin America
lies in further market reforms, more honestly pursued
and fairly implemented. As the global financial crisis
has reminded us, the risks posed by failing economies
extend far beyond their national borders. Putting Latin
America back on a path toward sustained growth is
crucial not just for the region but for the world, and
''Left Behind'' offers a clear, concise blueprint for
the road ahead. |
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