What is the difference between austerity policies and the politics of austerity? At a time when Europe is pondering how to deal with its debt crisis problem, we look back at the experience of Latin America during the 1980s Latin American debt crisis. Understanding what happened then, and recognizing the advances in economics and government, may yield some lessons for Europe.
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Since the end of the 1970s, the International Monetary Fund (IMF) and the World Bank have advised developing countries to adopt pro-growth policies, supposed to be a vector for jobs and well-being. But in many cases, these reforms have led to growth without jobs. The English economist John Williamson named […]