The false promises of the (second) Washington consensus: evidence from Latin America and the Caribbean (1990-2003)

The objective of this paper is twofold. Firstly, we show how, and to what extent, Latin American and Caribbean countries applied the precepts of the second Washington consensus, i.e. a consensus which stresses the capital account liberalization. Secondly, we highlight the effects of this set of reforms on their economies. Thus, we show that countries having most scrupulously followed these recommendations did not experience better economic results. On the contrary, their situation as regards inequality and debt is getting worse than others.

Resuming growth in Latin America: short and long term policies

The authors of this paper assert that the paralysis of the state generated by the crises of the 1970s and 1980s deprived the economies of the region of an important lever to resume and sustain growth. They thus maintain that to overcome stagnation it will be necessary to reconstruct the state's capacity to implement pro-growth policies. Following Keynes and Kalecki's ideas, but also classical development economists, the authors argue, first, that short-term macroeconomic policies, to reduce unemployment and to increase the degree of capacity utilization, should be used to promote the generation of profits to firms and to wake up entrepreneurs' animal spirits. Short-term expansionary policies should be coupled with measures to improve competitiveness and avoid balance of payments problems. They also claim that alternatives to the liberal programme will fail unless a pro-growth strategy is adopted which includes both short- and long-term policies. They thus propose that long-term policies must complete the package, signaling: a) sustained increases of effective demand in the future; and b) investment priorities to ensure that capacities will be created in strategic sectors and branches of the economy.

The effects of the global economic crisis in Latin America

The aim of this article is to analyze the current phase of the global crisis and the way it has manifested itself in Latin America. The global crisis is the most important capitalist crisis since World War II. It is a new type of debt-deflation crisis, highlighting the limits of the finance-dominated regime of accumulation and characterized by securitization. Latin American countries have not been immune to the global crisis. Since it sets limits on globalization, the impossibility of maintaining export-driven accumulation sustained by restrictive monetary and fiscal policies becomes clear. This time, there will be no way out in external markets for any country. That fact will force them to restructure productive systems and search for a way out in domestic markets and in regional spaces for integration.

O neoliberalismo na America Latina

Neoliberalism in Latin America. Neoliberalism and globalization had decisive influence in shaping public policies both internal and foreign in Latin America. Less state, trade and market freedoms, social goals subordinated to economic criteria, are part and parcel of the neoliberal utopia. Price stability was erected as the main social objective; import substitution resulted replaced by exports as the main source of growth. The neoliberal net results as applied to Latin America are: less growth, deindustrialization, income concentration and precarious employments. Therefore, countries public policies should try to gain autonomy to use jointly markets and public intervention in a constructive and innovative fashion.

Fiscal policy and private investment: latin america in a comparative perspective

The main objective of the paper is to assess the impact of fiscal variables on private investment comparing some Latin-American economies to other advanced ones. For such purposes, the authors carry out an econometric analysis for the period 1990-2008. They make use of two dynamic panel models in which they group countries with similar characteristics and development levels. In one of them, they include Mexico, Brazil, Chile, Colombia and Uruguay; whereas in the second one the countries accounted for are the U.S., Canada, Spain, Korea, Ireland and Japan. They specify in both models an investment function using as arguments a wide range of variables, including those related with fiscal policy. From their results the authors infer that governments can, with higher spending, boost up the economy even when they finance spending with higher taxes. In Latin America, where income concentration is enormous, a proposal to boost up the economy through higher government expenditure financed with a progressive income tax, is even more justified.

Alice Amsden's impact on Latin America

On March 15 2012, we lost Professor Alice Amsden, a great intellectual power in development economics. Her work was systematically marked by creativity, originality, relevance and her fearless commitment to always speak truth to power both in academic as well as in policy-making arenas. This In Memoriam concentrates on just one part of her great intellectual legacy: her impact to better understanding Latin America's development challenges, obstacles and policy options. Our paper focuses on three broad areas of her main influence in the region: the role of transnational corporations, the importance of manufactured exports for development, and industrial policy. As we here argue, in all of them, her work is and continues to be a substantial contribution to knowledge that policy makers will be well advised to take into account if the region is to finally enter a path of structural transformation and sustained economic and social development.

3e jour de la course (Coupe America), Sir T. Lipton regarde la course du pont du Victoria : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 60349

Phase de la Coupe America : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 60350

[Le canot automobile] Miss America, gagnant du Trophy race international [British trophy, régates de l'île de Wight, 11-12 août 1920] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 60553

Agrarian revolution in Central America : a comparison of Nicaragua and Honduras using Jeffery Paige's theory of Agrarian revolution

ABSTRACT In 1979 Nicaragua, under the Sandinistas, experienced a genuine, socialist, full scale, agrarian revolution. This thesis examines whether Jeffery Paige's theory of agrarian revolutions would have been successful in predicting this revolution and ln predicting non-revolution in the neighboring country of Honduras. The thesis begins by setting Paige's theory in the tradition of radical theories of revolution. It then derives four propositions from Paige's theory which suggest the patterns of export crops, land tenure changes and class configurations which are necessary for an agrarian and socialist revolution. These propositions are tested against evidence from the twentieth century histories of economic, social and political change in Nicaragua and Honduras. The thesis concludes that Paige's theory does help to explain the occurrence of agrarian revolution in Nicaragua and non-revolution in Honduras. A fifth proposition derived from Paige's theory proved less useful in explaining the specific areas within Nicaragua that were most receptive to Sandinista revolutionary activity.

Molluscan carbonate geochemistry and paleoceanography of the Late Cretaceous western interior seaway of North America

North Amerlc8 W8S inundated by fJ major eplcontlnental sea during ihe C:retaceo.us Period. The sOljihw6rd transgression of th.e northern Boreal See along the ~\festern Interior Seaway resulted in a meetlng with the northward edv6nclng waters from the GUlf of Mexico (Obradovich and Cobban, 1975). Th1s link was 1n eXlstence by late Albien time and 6llowed for the comm1ngl1ng of the prol1ferous Arctic and Gulf rnar1ne faunas (F1g. 1). By early Campanlan time, there was a widening of B6ffln Bay wlth a slrnult8neous subsidence 1n the Arct1c Archlpelago and Sverdrup 6as1n (W11liam and Stelck, 1975). Williams and Burk (1964) found 6 break 1n the marines sedlmentatlon in the f1anltoba area, suggesting Bland corlnectlon from the Dlstrlct of Keewatln through eastern M6fl1toba to the lake Sl~perlor reglon, lmplying that the only dlrect connection between the Interlor Sea with Baffln Bay, was yia the Arct1c. This hiatus was also documented by Meek and Hayden (1861) ln the United states between the Niobrara and Pierre Format1ons. Jeletzky (1971) suggested that the retreat of the sea towards the east was by a serles of strong pulses resultlng in the regression of the Campanlan and M66str1chtlan seas. During ttle Cretaceous1 the r1s1ng Corl1111era caused the western shoreline of the Interlor Sea to migrate eastwards and the Cordillera'l detritus produced deltaic cornplexes from the Mackenzie Valley to Ne\N Mexlcoo The foreland basin was continually subslding and thls down\",arplng aided in the eastward m1gration of the western shorel1ne. Thls also lndicates that trle water 'tIes becom1ng deeper in the central Plains sect10n of the Seaway (Fig. 2).