Article

Why Has Productivity Growth Stagnated in Most Latin American Countries Since the Neo-Liberal Reforms?

José Gabriel Palma

in The Oxford Handbook of Latin American Economics

Published in print July 2011 | ISBN: 9780199571048
Published online September 2012 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780199571048.013.0023

Series: Oxford Handbooks in Economics

 Why Has Productivity Growth Stagnated in Most Latin American Countries Since the Neo-Liberal Reforms?

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Except for commodities and a small number of other activities, Latin America's economic performance since the beginning of the neo-liberal reforms has been poor. This not only contrasts with its performance pre-1980, but also with what has happened in Asia since 1980. This chapter argues that the weakness of the region's new paradigm is rooted as much in its intrinsic flaws as in the particular way it has been implemented. It argues that neo-liberalism conquered Latin America, including many in its left-wing intelligentsia, as completely as the Inquisition conquered Spain. This process has been so successful that it has actually ‘closed the imagination’ to conceptualizing alternatives.

Keywords: economic performance; Latin America; Inquisition; neo-liberalism; economic weakness

Article.  15977 words. 

Subjects: Economics ; Economic Development and Growth ; Labour and Demographic Economics

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