This volume is a successor of sorts to the Institute's 1986 volume Toward Renewed Economic Growth in Latin America, which blazed the trail for the market-oriented economic reforms that were adopted in Latin America in the subsequent years. It again presents the work of a group of leading Latin American economists* who were asked to think about the nature of the economic policy agenda that the region should be pursuing after a decade that was punctuated by crises, achieved disappointingly slow growth, and saw no improvement in the region's highly skewed income distribution. The study diagnoses the first-generation (liberalizing and stabilizing) reforms that are still lacking, the complementary second-generation (institutional) reforms that are necessary to provide the institutional infrastructure of a market economy with an egalitarian bias, and the new initiatives that are needed to crisis-proof the economies of the region to end its perpetual series of crises.
* Contributors: Daniel Artana, Nancy Birdsall, Roberto Bouzas, Saúl Keifman, Pedro-Pablo Kuczynski, Ricardo López Murphy, Claudio de Moura Castro, Fernando Navajas, Patricio Navia, Liliana Rojas-Suarez, Jaime Saavedra, Miguel Székely, Andrés Velasco, John Williamson, and Laurence Wolff. For more on this topic, see Did the Washington Consensus Fail?, remarks by John Williamson at the Center for Strategic & International Studies on November 6, 2002.
This volume is a successor of sorts to the Institute's 1986 volume Toward Renewed Economic Growth in Latin America, which blazed the trail for the market-oriented economic reforms that were adopted in Latin America in the subsequent years.
Overview: An Agenda for Restarting Growth and Reform
1. Setting the Stage
2. Reforming the State
3. Bootstraps, not Band-Aids: Poverty, Equity, and Social Policy
Nancy Birdsall and Miguel Székely
4. A Fiscal Policy Agenda
Daniel Artana, Ricardo López Murphy, and Ferdando Navajas
5. The Financial System
6. Monetary Policy and Exchange Rate Regime Rates: Guiding Principles for a Sustainable Regime
7. Making Trade Liberalization Work
Roberto Bouzas and Saúl Keifman
8. Education and Training: The Task Ahead
Laurence Wolff and Claudio de Moura Castro
9. Labor Markets during the 1990s
10. The Politics of Second-Generation Reforms
Patricio Navia and Andrés Velasco
11. Summing Up
Appendix: Our Agenda and the Washington Consensus
About the Contributors