The Capitalist Revolution in Latin America
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The Capitalist Revolution in Latin America

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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.show more

Product details

  • Hardback | 224 pages
  • 160.02 x 236.22 x 20.32mm | 498.95g
  • Oxford University Press Inc
  • New York, United States
  • English
  • New.
  • 0195111761
  • 9780195111767
  • 1,181,941

Review quote

a wealth of economic detail and a fascinating summary of the statist history out of which Latin America's rent-seeking culture grew * Edward Schumacher, Wall Street Journal (Europe) * 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, Stanford University * 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 M. Buchanan, Nobel Laureate in Economics, 1986 *show more

Back cover copy

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.show more

About Paul Craig Roberts

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.show more

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