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The Capitalist Revolution in Latin America

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The Capitalist Revolution in Latin America Cover

 

Synopses & Reviews

Publisher Comments:

The political and social upheavals that have transformed the economies of Eastern Europe and the former Soviet Union during the past ten years have sparked considerable interest and speculation on the part of Western observers. Less noted, though hardly less dramatic, has been the revolutionary spread of free market capitalism throughout much of Latin America during the same period. In a wide-ranging survey that illuminates both the history and present business climate of the region, Paul Roberts and Karen Araujo describe the economic transformation currently taking place in Latin America. And as they do so, they also reexamine many of the prevailing orthodoxies concerning international development and the regulation of markets, and point to the success of privatization and free enterprise in Mexico, Argentina, and Chile as harbingers of the economic future for both hemispheres.

The potential strength of the economies of Central and South America has always been obvious, the authors point out. Abundant natural resources, combined with vast expanses of fertile land and a sophisticated and relatively cohesive social culture, are found throughout the region. But the authors show that the Latin American nations were slow to discard the economic and social climate that they had inherited from their Spanish colonial masters, who had ruled by selling government jobs--creating a network of privilege--and by suppressing through over-regulation the development of markets for goods, services, and capital. The prevalent cultural attitude in Latin America was hostile to commerce, trade, and work--indeed, it was more socially acceptable to court government privilege than to compete in markets. The authors further show that U.S. aid packages to the region actually reinforced this culture of privilege and further hampered the growth of a free economy. Not until the 1980s did the picture begin to change, largely in response to the economic crises brought on through catastrophic national debts and hyperinflation. The book describes the efforts of the Salinas, Pinochet, and Menem governments to combat the established interests of the local elites and the international development agencies, to privatized state industries, and to established independent markets. In this new climate, private capitalists and entrepreneurs are feted and celebrated, and productivity has risen to levels unimagined only a few years before. But this dramatic economic turnaround, the authors show, is a mixed blessing for the U.S. For if it provides us with a vast new market for our goods, it has also created a powerful new competitor for capital investment. To keep American and foreign capitalists investing in America, the government needs to make changes, which the authors outline in a provocative conclusion.

Central and South America have a combined population of 460 million people, a potential market greater than the United States and Canada combined or the European Community. Thus the rise of free market capitalism in Latin America is of vital interest to the United States. The Capitalist Revolution in Latin America provides an insightful portrait of this dramatic economic turn-around, illuminating the economic consequences for our own society.

Book News Annotation:

Surveys the history and present business climate of Latin America, describing the spread of capitalism in the region and what it means to countries outside the region. Reexamines many of the prevailing orthodoxies concerning international development and the regulation of markets, showing that US aid packages hampered the growth of a free economy, and describes the efforts of various leaders to privatize state industries and establish independent markets.
Annotation c. Book News, Inc., Portland, OR (booknews.com)

Synopsis:

This work looks at what is happening in Latin America and what it will mean to countries outside the region, especially the USA. It takes an optimistic view of the future of Latin America and criticizes institutions like the World Bank and the IMF for subsidizing the old regime.

Synopsis:

In a wide-ranging survey that illuminates both the history and present business climate of the region, Paul Craig Roberts and Karen Araujo describe the economic transformation currently taking place in Latin America. And as they do so, they also reexamine many of the prevailing orthodoxies concerning international development and the regulation of markets, and point to the success of privatization and free enterprise in Mexico, Argentina, and Chile as harbingers of the economic future for both hemispheres. The book describes the efforts of the Salinas, Pinochet, and Menem governments to combat the established interests of the local elites and the international development agencies, to privatize state industries, and to establish independent markets. In this new climate, private capitalists and entrepreneurs are feted and celebrated, and productivity has risen to levels unimagined only a few years before. But this dramatic economic turnaround, the authors show, is a mixed blessing for the United States. For if it provides us with a vast new market for our goods, it has also created a powerful new competitor for capital investment. To keep American and foreign capitalists investing in America, the government needs to make changes, which the authors outline in a provocative conclusion.

Description:

Includes bibliographical references (p. 195-201) and index.

About the Author

Paul Craig Roberts is Chairman of the Institute for Political Economy in Washington, D.C. and Research Fellow of the Independent Institute in Oakland, California. A former Assistant Secretary of the U.S. Treasury, he is a columnist for Business Week and a director of companies with business interests in Latin America. Karen Lafollette Araujo is President of the Hemispheric Studies Institute, Research Associate at the Institute for Political Economy, Research Fellow of the Independent Institute, and Visiting Fellow of the Universidad Nacional Andres Bello, in Santiago, Chile.

Product Details

ISBN:
9780195111767
With:
Araujo, Karen LaFollette
Foreword:
Bauer, Peter
With:
Araujo, Karen LaFollette
Foreword by:
Bauer, Peter Tamas
Foreword:
Bauer, Peter
Foreword:
Bauer, Peter Tamas
Author:
null, Peter
Author:
Bauer, Peter
Author:
null, Paul Craig
Author:
Roberts, Paul Craig
Author:
Araujo, Karen LaFollette
Author:
null, Karen LaFollette
Publisher:
Oxford University Press, USA
Location:
New York :
Subject:
Economic Policy
Subject:
Economic Development
Subject:
Economic Conditions
Subject:
Capitalism
Subject:
Free Enterprise
Subject:
Development - Economic Development
Subject:
Economics | Developmental | Regional
Subject:
Latin America Economic conditions 1982-
Subject:
Latin America Economic policy.
Subject:
Politics - General
Series Volume:
12
Publication Date:
19970431
Binding:
HARDCOVER
Grade Level:
General/trade
Language:
English
Illustrations:
6 figs
Pages:
224
Dimensions:
9.60x6.40x.92 in. 1.12 lbs.

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The Capitalist Revolution in Latin America New Hardcover
0 stars - 0 reviews
$68.50 In Stock
Product details 224 pages Oxford University Press - English 9780195111767 Reviews:
"Synopsis" by , This work looks at what is happening in Latin America and what it will mean to countries outside the region, especially the USA. It takes an optimistic view of the future of Latin America and criticizes institutions like the World Bank and the IMF for subsidizing the old regime.
"Synopsis" by , In a wide-ranging survey that illuminates both the history and present business climate of the region, Paul Craig Roberts and Karen Araujo describe the economic transformation currently taking place in Latin America. And as they do so, they also reexamine many of the prevailing orthodoxies concerning international development and the regulation of markets, and point to the success of privatization and free enterprise in Mexico, Argentina, and Chile as harbingers of the economic future for both hemispheres. The book describes the efforts of the Salinas, Pinochet, and Menem governments to combat the established interests of the local elites and the international development agencies, to privatize state industries, and to establish independent markets. In this new climate, private capitalists and entrepreneurs are feted and celebrated, and productivity has risen to levels unimagined only a few years before. But this dramatic economic turnaround, the authors show, is a mixed blessing for the United States. For if it provides us with a vast new market for our goods, it has also created a powerful new competitor for capital investment. To keep American and foreign capitalists investing in America, the government needs to make changes, which the authors outline in a provocative conclusion.

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