Edited by Brian K. MacLean, Hassan Bougrine and Louis-Philippe Rochon
Chapter 5: The failure of development in Latin America
Since the debt crisis in the early 1980s, and the collapse of the state-led industrialization strategy, Latin American economies have been subjected to several adjustment programmes, frequently imposed by the International Monetary Fund (IMF). The economic slowdown and the higher levels of unemployment in this period were only subdued during the short period of the commodity boom between 2003 and the beginning of the Global Financial Crisis in 2008. While there was a short-lived Keynesian moment after the crisis, the return of the balance of payments constraint, and policy choices related to the ascendancy of conventional views on fiscal policy, favouring adjustment and balanced budgets, reasserted their dominance. The growth and employment outlook for the region in the near future looks grim.
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