The Politics of Freeing Markets in Latin America: Chile, Argentina, and Mexico. By Judith A. Teichman. Chapel Hill: University of North Carolina Press, 2001. 288p. $55.00 cloth, $19.95 paper.

Extract

The politics of neoliberal reform in Latin America has produced a number of impressions that are more or less widely held, but not necessarily entirely accurate. For example, many critics of the neoliberal reform process see it as a creature of Washington and Wall Street—views of economic development imposed on vulnerable, debt-ridden Latin American governments. The International Monetary Fund (IMF) and the World Bank play crucial roles as carriers of the “Washington Consensus” and enforcers of its policy prescriptions. In this view, insulated technocrats—often with U.S. economics degrees—implement these essentially unpopular programs without consultation, oversight, or any societal participation. “Delegative democracy” and populations battered by a decade or more of debt and inflation help explain the extent to which these unelected and unaccountable technocrats have been able to promote this agenda. A narrow electoral coalition, anchored by wealth holders and conservative ideologues, has maintained the political space for these insulated technocrats to continue, despite deep opposition from societal groups such as labor.