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After the Washington Consensus: Restarting Growth and Reform by Pedro-Pablo Kuczynski, John Williamson

By Pedro-Pablo Kuczynski, John Williamson

This quantity is a successor of types to an past learn, towards Renewed monetary progress in Latin the USA (Institute for foreign Economics; 1986), which blazed the path for the market-oriented fiscal reforms that have been followed in Latin the US within the next years. It back offers the paintings of a gaggle of top economists (*) who have been requested to contemplate the character of the industrial coverage schedule that the quarter will be pursuing after the higher a part of a decade that was once punctuated by means of crises, completed disappointingly gradual development, and observed no development within the region's hugely skewed source of revenue distribution. It diagnoses the first-generation (liberalizing and stabilizing) reforms which are nonetheless missing, the complementary second-generation (institutional) reforms which are essential to give you the institutional infrastructure of a industry financial system with an egalitarian bias, and the recent projects which are had to crisis-proof the economies of the zone to finish its perpetual sequence of crises. (*) Pedro Pablo Kuczynski (Minister of Finance of Peru), Nancy Birdsall (President, heart for international Development), Miguel Szekely (Mexico), Ricardo Lopez Murphy (Argentina), Jaime Saavedra (Peru), Claudio de Moura Castro (Brazil), Liliana Rojas-Suarez (Peru), Andres Velasco (Harvard), and Roberto Bouzas (Argentina).

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Additional resources for After the Washington Consensus: Restarting Growth and Reform in Latin America

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Other than unemployment, crime consistently ranks at the top of citizen concerns in most Latin American countries. No government can afford to be complacent about this problem. The difficulty with crime control in Latin America, as elsewhere, is what approach to take. As in the United States, the public and the police favor punishment—sentencing offenders and building more jails—whereas social scientists usually emphasize prevention—such as supervision of troublesome adolescents and incentives for children to complete school.

But Barro (2000) shows that the distinction between industrial and developing countries is important. In developing but not industrial countries, inequality does seem to reduce growth. Inequality of income, not surprisingly, matters where capital and other markets do not work well and also probably where government does not work well. Market and policy failures combine with high inequality to undermine growth. A second series of cross-country studies clarifies that the fundamental problem is not inequality of income itself, but the underlying inequality of such assets as land and human capital (Birdsall and Londoño 1997; Deininger and Olinto 2000).

In the words of a leading student of the subject: “Spain’s [and also, but to a lesser extent, Portugal’s] legacy to Latin America was a tradition of extreme centralization in government decision making and an elitist social structure that impeded the implementation of central government policies. Local government was grossly neglected during the post-independence period” (Nickson 1995). This tendency continued right up through the 1970s and early 1980s, partly reinforced by international aid agencies, including the US Agency for International Development, that liked the simplicity of dealing with one decision maker per country—in sharp contrast to the federal principles of the US government (Nickson 1995, 16).

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