Capitalist Revolution in Latin America [NOOK Book]

Overview

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 ...
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Capitalist Revolution in Latin America

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Overview

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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Editorial Reviews

Booknews
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. by Book News, Inc., Portland, Or.
From the Publisher
"Eye-opening appraisals of the extraordinary potential of Latin American countries. Essential reading for those who have, or wish to have, commercial relations with our neighboring continent, Roberts and Araujo brilliantly combine a free market philosophical perspective with a proper appreciation of the region's history."—Steve Forbes

"A compelling blend of substance and ideas—illuminates the 'why' of revolution in economies in Latin America—and elsewhere—and the need for revolution in the multilateral financial institutions. Readable and rewarding."—George P. Shultz

"Lessons from socialist failures have been learned more quickly in Latin America than in Europe or the United States. This book lays out the record of Latin American accomplishments to date, along with a precautionary assessment of near-term prospects."—James Buchanan, Nobel Laureate in Economics, 1986

"The lesson of this book is evident: Only open economies and open societies provide the adequate framework for prosperity."—Pedro Aspe, Finance Minister of Mexico, 1988-1994

"While the world's attention has been focused on the demise of socialism and planning in Central and Eastern Europe, the quite remarkable liberalization of markets—both international and domestic—that has occurred in Latin America has gone larely unnoticed. Roberts and Araujo now bring us the story of the tortuous path that has brought capitalism and markets to Latin America."—Gale Johnson, Professor of Economics, University of Chicago

The Capitalist Revolution in Lain America is a carefully crafted account of how the peddlers of quack ideas created an ecnomic disaster zone and how the descendants of Turgot have begun to alter the Latin landscape. Roberts and Araujo eschew Newspeak. The result is a refreshing, 'politically incorrect' volume that would meet with George Orwell's approval."—Steve H. Hanke, Advisor to Argentina's ex-Minister of Economy, Comingo Cavallo, and Professor of Applied Economics, The Johns Hopkins University

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Product Details

  • ISBN-13: 9780198027195
  • Publisher: Oxford University Press
  • Publication date: 4/17/1997
  • Sold by: Barnes & Noble
  • Format: eBook
  • File size: 349 KB

Meet 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.

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Table of Contents

Foreword
1 Latin America on the Rise 3
2 The Economic Transformation of Latin America 10
3 The Blocked Society 52
4 Development Planners in Their Heyday 102
5 Latin America's Statist Tradition 135
6 Outdated International Development Institutions 160
7 Implications of Latin American Capitalism for the United States 186
Bibliography 195
About the Authors 202
Index 204
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