Development and Change in the Third World
- Submitted by: hheston09
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- Category: Politics
- Date Submitted: 08/02/2011 04:01 AM
- Pages: 10
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Examine the significance of the recent ‘shift to the left’ in Latin America for social and economic development in the region.
When investigating the economic and social development and policies of Latin America, one vital element must be take into consideration is the recent popularity of left-of-centre governments in the region. There are questions that needed to be considered, like what are the economic policies that they implement? How do they differ from the traditional ones implemented by their previous opponents? Will, as their dedicated advocates declare, governments of this “New Left” implement economic schemes, fundamentally departing from so-called neo-liberal ones that will help Latin America to succeed in its obscure mission for high and sustained economic growth? Or, on the opposite, are their fierce critics correct in arguing that such alternative economic programs are restored versions of populist experiments of the past and, therefore, sooner or later, will provoke sensitive inflation, bloated economic deficits, and eventually push the region into financial crisis and recession? (Arnsen & Peralez 2007) All these need to be taken into account when examining the significance of the recent ‘shift to the left’ in Latin America for social and economic development in the region.
One of the key factors why the region moved to the left in political preferences is because the poor results of the economic reforms, which are inspired by the Washington Consensus who implemented by the previous governments. By adopting policies of cantered on trade and financial liberalization, deregulation, and downsizing of its public sector, Latin American economies were not capable to entering a path of high and sustained expansion. Inflation has come down, but economic activity has been slow. In addition, in the last ten years, the region has suffered sharp economic crises; among the most obvious ones were the Mexican tequila crisis (Inter-American Development Bank,...
When investigating the economic and social development and policies of Latin America, one vital element must be take into consideration is the recent popularity of left-of-centre governments in the region. There are questions that needed to be considered, like what are the economic policies that they implement? How do they differ from the traditional ones implemented by their previous opponents? Will, as their dedicated advocates declare, governments of this “New Left” implement economic schemes, fundamentally departing from so-called neo-liberal ones that will help Latin America to succeed in its obscure mission for high and sustained economic growth? Or, on the opposite, are their fierce critics correct in arguing that such alternative economic programs are restored versions of populist experiments of the past and, therefore, sooner or later, will provoke sensitive inflation, bloated economic deficits, and eventually push the region into financial crisis and recession? (Arnsen & Peralez 2007) All these need to be taken into account when examining the significance of the recent ‘shift to the left’ in Latin America for social and economic development in the region.
One of the key factors why the region moved to the left in political preferences is because the poor results of the economic reforms, which are inspired by the Washington Consensus who implemented by the previous governments. By adopting policies of cantered on trade and financial liberalization, deregulation, and downsizing of its public sector, Latin American economies were not capable to entering a path of high and sustained expansion. Inflation has come down, but economic activity has been slow. In addition, in the last ten years, the region has suffered sharp economic crises; among the most obvious ones were the Mexican tequila crisis (Inter-American Development Bank,...