Keywords
Poverty
Economic Policy
Washington Consensus
Protectionism
Openness
Disenchantment
Shock Resilient
Public Expenditure And Debt
State And Market
How to Cite
Abstract
The external debt crisis suffered by Latin America at the end of the 1970's implied an end to dominance of industrialization by import substitution with its protectionist, planning, and overly-regulatory policies. In the years after that, and especially in the 1990s, the region embarked on a broad set of reforms designed to reduce state intervention and let markets operate more freely, the so called Washington Consensus. The lack of growth and very limited progress in poverty reduction produced widespread disenchantment with those policies and even with democracy. The positive economic experience in the region in the last years, however, calls for a reevaluation of this view: the reforms of the eighties and nineties have allowed Latin American countries to grow at higher rates than those of the developed nations, have made us more resilient to foreign shocks and economically and politically facilitate the maintenance of growth.
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