Big Data

Why Has Productivity Growth Stagnated In Most Latin-American Countries Since The Neo-Liberal Reforms?

Date Added: May 2010
Format: PDF

Latin America's economic performance since the beginning of neo-liberal reforms has been poor; this not only contrasts with its own performance pre-1980, but also with what has happened in Asia since 1980. The author argues that the weakness of the region's new paradigm is rooted as much in its intrinsic flaws as in the particular way it has been implemented. Latin America's economic reforms were undertaken primarily as a result of the perceived economic weaknesses of the region - i.e., there was an attitude of 'Throwing in the towel' vis-?-vis the previous state-led import substituting industrialization strategy, because most politicians and economists interpreted the 1982 debt crisis as conclusive evidence that it had led the region into a cul-de-sac.