Introduction to Latin America provides a completely new introduction to the political, social and economic forces shaping this essential region of undergraduate study today. It is the first textbook to place Latin America within a genuinely global context and introduce the debates and impact of globalization, neoliberalism, democratization, and the environment.
Chapter 4: Liberating the Market
The international debt crisis of the 1980s created the climate for a series of sweeping reforms which put an end to the state-led, inward-looking approach that characterized ISI and ushered in a new model of development, usually known as neoliberalism. These reforms therefore mark an historic turning point for Latin America and constitute a major effort by the region's governments to avail of the new opportunities opened by a more globalized world economy. Their introduction was accompanied by heightened expectations that they would put the region on the road to robust economic and social development. For example, in its 1993 Latin American survey the World Bank likened to Colombian writer Gabriel García Márquez's classic novel One Hundred Years of Solitude ...