Left Behind: Latin America and the False Promise of Populism

Left Behind: Latin America and the False Promise of Populism

by Sebastian Edwards
     
 

View All Available Formats & Editions

The political and economic history of Latin America has been marked by great hopes and even greater disappointments. Despite abundant resources—and a history of productivity and wealth—in recent decades the region has fallen further and further behind developed nations, surpassed even by other developing economies in Southeast Asia and elsewhere.

In

Overview

The political and economic history of Latin America has been marked by great hopes and even greater disappointments. Despite abundant resources—and a history of productivity and wealth—in recent decades the region has fallen further and further behind developed nations, surpassed even by other developing economies in Southeast Asia and elsewhere.

In Left Behind, Sebastian Edwards explains why the nations of Latin America have failed to share in the fruits of globalization and forcefully highlights the dangers of the recent turn to economic populism in the region. He begins by detailing the many ways Latin American governments have stifled economic development over the years through excessive regulation, currency manipulation, and thoroughgoing corruption. He then turns to the neoliberal reforms of the early 1990s, which called for the elimination of deficits, lowering of trade barriers, and privatization of inefficient public enterprises—and which, Edwards argues, held the promise of freeing Latin America from the burdens of the past. Flawed implementation, however, meant the promised gains of globalization were never felt by the mass of citizens, and growing frustration with stalled progress has led to a resurgence of populism throughout the region, exemplified by the economic policies of Venezuela’sHugo Chávez. But such measures, Edwards warns, are a recipe for disaster; instead, he argues, the way forward for Latin America lies in further market reforms, more honestly pursued and fairly implemented. As an example of the promise of that approach, Edwards points to Latin America's giant, Brazil, which under the successful administration of President Luis Inácio da Silva (Lula) has finally begun to show signs of reaching its true economic potential.

As the global financial crisis has reminded us, the risks posed by failing economies extend far beyond their national borders. Putting Latin America back on a path toward sustained growth is crucial not just for the region but for the world, and Left Behind offers a clear, concise blueprint for the way forward.

Editorial Reviews

Publishers Weekly
To distill the economic history of a region encompassing twenty countries in just under three hundred pages is a daunting task. And in taking it on, the professor of International Business Economics of the University of California, Los Angeles ends up generalizing much of these countries' experiences. Though he does go into detail on Chile ("Latin America's Brightest Star"), Mexico, and Argentina, the people of Latin America seem to get left behind. In lieu of a discussion of the economic perils that have affected the population, there's a barrage of facts and figures. Despite the dry writing, there's knowledge to be gleaned from Edwards' research. He takes us from the foundations of the colonial era through the market-oriented reforms of the nineties and speaks with a glimmer of hope about the future of the Latin American economy. Throughout, Edwards stresses the importance of innovation and competition to economic success and blames political corruption, both in Latin America and elsewhere, for its failure. This isn't a tome to take to the playa, but it could prove useful as a reference in the classroom. (June)
Times Literary Supplement
“[A] brilliant blow-by-blow account of economic policy decisions, and their effects, in each of three key countries: Chile, Argentina, and Mexico."
Hernando de Soto
"A masterly analysis that explains why economic populism in Latin America has been unable to reduce poverty—and never will. A must read for anyone eager to see Latin American countries move towards modern, inclusive and sustainable market economies under a single rule of law."

Martin Feldstein
“Sebastian Edwards's book is a must read for anyone interested in the economy of Latin America—past, present and future. No one knows Latin America better than Professor Edwards. And the experience of Latin America offers lessons for every developing country about what to do and what to avoid."

Martin Walker
"This is probably the most important book on Latin America of the decade; a masterly and highly readable assessment of the false starts and political failures—and the occasional successes—that have subverted the promise and potential of a continent. One of the outstanding economists of his generation, Sebastian Edwards explains the success of Chile and the disasters of populism in Venezuela and Argentina, while giving the best analysis available anywhere of Brazil's recent surge and its more cloudy prospects. And it is rare as it is refreshing to find a leading Latin American scholar acknowledging that his peoples' problem lies neither in the stars nor in Washington but in themselves."

Josef Joffe
"Latin America is always promise, never quite performance. In his ruthlessly intelligent analysis, Sebastian Edwards cuts through the myths and obfuscations that have shielded Latin America from the basic political truths that underlie all economic growth. It is not Yanqui imperialism or global capitalism that holds back the Southern Hemisphere. To vary Bill Clinton: 'It's the politics, stupid' Sustained growth requires the rule of law, property rights, a much smaller, but much more efficient state, an independent judiciary, a competitive market with easy access for new entrants—strong institutions, in short. This book is 'political economy' at its very best—in the tradition of Smith, Ricardo, and Schumpeter."

SurvivalI Global Politics and Strategy
“Edwards is eager for the reader to understand that, despite the shrill populist voices led by Venezuela’s inimitable Hugo Chávez, today’s Latin American leaders are overwhelmingly pragmatic and moderate, which is itself a dramatic improvement over the recent past. Their policies have allowed the region to weather the recent global shock and even to thrive, as in the cases of Brazil and Peru.”

Bulletin of Latin American Research

Left Behind is well-argued. It provides an antidote to the neoconventional neopopulist wisdom in an era when the old ghosts of protectionism and far-reaching state intervention are raising their ugly heads again in Latin America.”

Product Details

ISBN-13:
9780226184784
Publisher:
University of Chicago Press
Publication date:
06/01/2010
Pages:
292
Product dimensions:
6.00(w) x 9.00(h) x 1.10(d)

Meet the Author

Sebastian Edwards is the Henry Ford II Professor of International Economics at the Anderson Graduate School of Management at the University of California, Los Angeles.

Customer Reviews

Average Review:

Write a Review

and post it to your social network

     

Most Helpful Customer Reviews

See all customer reviews >