Cover

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Frontmatter

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Contents

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p. v

List of Tables

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p. vii

List of Abbreviations and Acronyms

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pp. ix-x

Acknowledgments

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pp. xi-xiii

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Introduction

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pp. 1-17

Throughout most of the post–World War Two era Latin America was perhaps best known for its erratic swings in political regimes and economic strategies and for a decidedly mediocre development record that failed to productively tap the region’s rich resource base or buoyant international trade opportunities. While the East Asian region had spawned numerous cases of economic transformation based on high...

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1. Latin America and the State-Market Debate: Beyond Stylized Facts

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pp. 18-52

The literature on the political economy of development is rich with descriptions of government action over time and in-depth analyses of the causal relationship among state intervention, public policy, and development outcomes. In broad strokes, the story of the post–World War Two Latin American state has been portrayed in this literature as follows.1 During the heyday of ISI in the 1960s and 1970s, the state was cast...

Part 1: From Developmentalism to Debt Shocks

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2. The Rise of the Peruvian State and the Quest to Industrialize

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pp. 55-81

From the standpoint of twentieth-century Latin America, the response of individual countries to two world wars and the Great Depression was basically twofold.1 Early on, a first group of countries that included Argentina, Brazil, Chile, and Mexico explicitly embraced state-sponsored inward-looking industrial policies (ISI) in hopes of cushioning themselves from further external shocks. For a second group of countries, ...

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3. A State Capitalist Experiment

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pp. 82-115

Peru may have arrived relatively late to a state-led strategy, but once the interventionist wheels had been set in motion there was no turning back, at least not at this point. Apart from the institutional weaknesses within the state and civil society that had overwhelmed policy makers in their efforts to apply the brakes on rampant public-sector expansion in 1967–68, other statist influences had been fermenting through...

Part 2: The State in Retreat

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4. Orthodox Stabilization with Populist Overtones

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pp. 119-151

During the final two years of military rule, from 1978 to 1980, new political and economic events converged to set the country off on another erratic course for the 1980s. Peru’s penchant for a more market-based strategy by 1980 can be partly traced to the specifics of this transition and to factors that were discussed earlier, in chapters 2 and 3. First, until the 1960s, the country had a strong bias toward laissez-faire and a...

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5. The Neostructuralist Backlash

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pp. 152-175

By the mid-1980s, most Latin American governments had lost what little enthusiasm they may have ever had for orthodox stabilization programs sponsored by the IMF. When the debt crisis first erupted in 1982, most countries had turned to the fund for short-term finance and macroeconomic policy advice. But as stringent domestic adjustment measures had failed to alleviate the recession-inflation spiral, and as...

Part 3: Reinventing the State

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6. Neoliberalism and State Reconstruction

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pp. 179-223

With the country having defaulted on service payments for its public and private external debt during the García years, it took President Alberto Fujimori just ten days after his inauguration in July 1990 to realize that he had, in fact, zero room to maneuver in implementing a gradualist reform strategy. Fujimori’s campaign platform, for example, had originally called for administered prices, a downsized but activist state, and an...

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7. In Search of a Competitive Strategy

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pp. 224-249

In this book I have analyzed patterns of economic strategy and institutional change in post–World War Two Latin America from the standpoint of the changing role that the state has played in shaping development outcomes. Three main phases of state intervention were examined: (1) the developmentalist phase that prevailed from the early postwar years up until the 1982 debt shocks, an era in which protectionism...

Bibliography

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pp. 251-269

Index

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pp. 271-290