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Book details
Author : Sebastian Edwards
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Pages : 296 pages
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Publisher : University Of Chicago Press 2012-10-22
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Language : English
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ISBN-10 : 022600466X
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ISBN-13 : 9780226004662
Book Synopsis
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 explains 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 throughout the region, exemplified by the economic policies of Venezuela’sHugo
Chávez. 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 an example of the promise of that approach, Edwards points to Latin
America s giant, Brazil, which under the successful administration of President Luis Inácio da Silva (Lula) has finally begun to show signs of
reaching its true economic potential.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 way forward.