Neoliberalism In Latin America

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This section will address the general trends occurring in the region and will discuss the relationship of the Latin American left to neoliberalism, dependency development, the consistency of the region regarding policies of the Left, economic performance, and resistance to U.S. hegemony.
Leftist governments of Latin America show evidence of the neoliberal trap. Neoliberalism can be defined as free-market economic policies enforced in reaction to the import substitution industrialization in Latin America (also known as the Washington Consensus) and include untampered market prices, fiscal discipline, exchange rates set by the market, privatization and trade liberalization with the ultimate goal of reducing government intervention in the economy …show more content…

Though leftist governments in the region have sought to overturn neoliberal reforms by exchanging market oriented policies with ones allowing for state intervention of the economy, lingering effects of the neoliberal trap persist.3 Social democratic governments adhering to more orthodox policies have neglected to produce widespread access to welfare and, though slight declines in poverty have occurred, social programs often fail to undertake meaningful reductions in inequality.4 The most significant shortcomings of welfare are that these programs have not consolidated rights, and remain unaccompanied by policies to support structural change.5 In many cases, income is not sufficient enough to ensure access to health, housing, and education and simply pulling the impoverished masses into market dynamics is an inadequate strategy to true poverty alleviation if states do not offer sufficient social services; thus, numerous social programs of Latin America mimic neoliberal solutions which result in the financialization of poverty rather than a reduction in …show more content…

Democracy has taken hold in Latin America, yet discussion of economic issues tend to overshadow attention to strengthening and consolidating democracy.18 Without a renewed focus on democracy and human development, poor governance and poverty will outweigh any economic growth; as it is, Latin American economic and social inequality is among the highest globally while corruption dissuades international and domestic investors.19 Some consider the multiple protests in Latin America in response to corruption and the disenfranchisement of Indigenous rights and lands to be a manifestation of consolidated democracy in which the citizen are unafraid of voicing dissent, while others consider the protests a signal that the rights of minorities have gone unrepresented in governance and that the failure of Evo Morales to abdicate his power after his second term (the limit of terms allowed in Bolivia) and attempt to pass a referendum for an unprecedented fourth term are alarming signs that democracy has not been consolidated in the region.20 The recent rise of civil society organizations and human rights recognition signals progress as demands for increased transparency and accountability pressure governments to strengthen democratic

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