Left Behind: Latin America and the False Promise of Populism
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’s Hugo 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.
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Tags: América, Behind, False, Latin, Left, Populism, Promise
3 responses to Left Behind: Latin America and the False Promise of Populism
Excellent analysis of Latam failures and possibilities,
Sebastian has made an excellent job explaining the main causes that has kept Latin America well below its potential. If you are interested in Latin America economy and its prospects, this is a must read book.
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|Very insightful,
This is an excellent book. In less than 300 pages the author covers the
economic history of Latin America since the colonial times. I
particularly liked the discussion on the region’s weak institutions. The
discussion of the unfinished reforms of the Washington Consensus is
original and very balanced. Edwards shows in a convincing way that these
reforms were rather timid, and didn’t improve productivity in a
significant way. The comparison between Hugo Chavez and Lula (chapter 9)
is extremely interesting. I highly recommend it.
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|Refreshing,
A must read for someone who wants to understand the economic situation in Latin America. Wisely written, so anyone who is not into economics can understand. The book explains the success of countries like Chile and Brazil, and on the other hand, how populism has affected other countries like Venezuela, Argentina and Bolivia. He also makes an interesting point about how important it is for North America, that Latin America succeeds.
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