Back

Economy & Business - August 2008 (ISSN 1741-7430)

The Latin American model

The decision by the new President of Paraguay, Fernando Lugo, to appoint Joseph Stiglitz as his chief economic adviser is another signal that most of South America is moving onto a new economic track. The obvious parallel was Bolivia's decision in the late 1980s and early 1990s to rely on Jeffrey Sachs, then a fashionable development economist, to deregulate its economy. Sachs was a keen proponent of the so-called Washington Consensus, which favoured deregulation on a large scale and recommended only minimal state participation in the economy.

End of preview - This article contains approximately 451 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options