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| Market Oriented Reforms (Liberal Reforms) |
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Definition
| Reduction of barriers to trade, privatization, fiscal stabilization. |
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| Import-substituting Industrialization (ISI) |
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Definition
Substituting goods that were formally imported with domestically produced goods. Primary machine of growth for Latin-American countries between the 1930s and 1970s. Began as result of Great Depression.
Often leads to trade imbalances, fiscal pressures, and debt. |
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| For all practical purposes, a term for foreign investment. |
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| Multilateral organization formed at Bretton Woods. Stabilizes international economy by lending to countries having problems. Typically loans conditional on changes in policy. Lent to Latin America due to freeze in private credit. |
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| Plan which involved writing down Latin American debt in exchange for the adoption of neoliberal policies. Spurred re-energizing of Latin American markets. |
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| The 1980s for Latin American countries. Contained lots of poverty, inequality and poor economic performance. |
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| Previous views about market reform/democracy |
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Definition
| Market reform unpopular, therefore democracy and market reform don't mix well. |
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| Market reform yields positive economic performance, therefore democracy lends to market reform and neoliberal policy because in open economies, restrictive economic policy works better. |
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President of Brazil from 1989-1993.
Appointed Fernando Henrique Cardoso as Finance Minister, who engineered neoliberal reforms. |
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| Cardoso's plan for price stabilization. Was a major turning point and was successful. Led to political popularity for Cardoso. |
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| Fernando Henrique Cardoso |
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| Finance Minister and then President of Brazil. Pursues privatization and trade liberalization. Enjoyed immense popularity. |
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| Won presidency of Brazil in 2002 amidst financial crisis and currently holds it after losing numerous election bids. Although initial socialist, pursued neoliberal policies when elected. Economic authority delegated to Central Bank President and Finance Minister. Instituted Bolsa Familia, which gives families stipends on conditions that children attend school and receive stipend. |
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| Although two party system in Venezuela with checks and balances, power highly centralized. Led to increasing distance with general public. |
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| Venezuelan autocrat who won power in 1999 through promise of moving away from democracy and markets. Drafted new constitution and got rid of term limits. Basically took over everything in the gov't (ie courts, military purge, etc...) Responded to current crisis through nationalization, very anti-neoliberal, and hasn't been successful. |
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| President of Argentina from 1989-2000. Instituted major market reforms and privatization. Stabilized democracy, however maintained high levels of corruption, and weak courts/legislature. Created currency board. |
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| Menem's system which essentially set the peso equal to the dollar. Initially restored confidence, but problem was that had no control over interest rates. |
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| President of Argentina from 1999-2001. Crisis ensued while in office, largely due to Menem's currency board and corruption, forcing him to resign. |
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| Elected President of Argentina in 2002. Wrote off foreign debt and tight fiscal policies. However, pursued reckless economic policies due to high growth rates. Plans to rotate in and out of office with wife. |
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| Cristina Kirchner de Fernandez |
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Definition
| Elected President in 2007. Plans to rotate in and out of office with husband. Has faced difficulties as president and has responded corruptly. |
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| Measures taken to open up the economy, such as privatization and trade liberalization. |
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| Actual reforms of the institutions, such as dealing with corruption |
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| Party which held power over Mexico from 1929-2000. Led over authoritarian government with facade of democracy. |
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| Opposition party in Mexico which developed in 1988 due to split in the PRI. |
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President of Mexico from 1988-1994. Pursued neoliberal reforms such as privatization and going forward with NAFTA. Tried to help the poor through PRONASOL. Helped strengthen democracy by allowing PAN to win some gubernational elections while marginalizing PRD.
Reluctance to adjust exchange rates in part led to Peso Crisis. |
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| Electoral tribunal in Mexico. Was politically neutral body and those who were on it didn't have party-affiliation. Allowed for politically neutral elections. |
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President of Mexico from 2000-2006. Member of PAN. First non-PRI president of Mexico. Expanded Oportunidades (conditional cash transfers) but did little else.
In his presidency could get little reform done and regional differences increased. |
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| President of Mexico, member of PAN. Basically nothing getting done in his presidency with increasing drug violence. |
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| Property owned by state. 90% of all assets or more owned by state. Prices set by planners |
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| Leader of USSR in 1980s who pursued some liberalization. However, did too little too late. |
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| Explanation as to fluctuation among former communist countries. Things start out bad but gradually improve. It's unpleasant but needs to be done. |
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| Name for rapid reform given by Soviet economists |
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| When early beneficiaries of reform try to lock in advantages before reform is finished. |
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| Descendants of former leading communist parties. Leaders often initially held powerful positions within the party. |
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| Opposed former communist parties. Not at all affiliated, ran against them. |
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When neither party clearly dominates in the government. This is always an obstacle to getting things done economically, and economic growth, because compromises must be made. In both liberal and neocommunist cases, less extensive and consistent reform is achieved than if there was not polarization.
Also inhibits investment |
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