Transcending Neoliberalism - Essay Example

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Argentina was recently in the news for its protest about its unbearably difficult economy while Brazil is considered as the rising stars being a member of BRIC…
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Transcending Neoliberalism
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Teacher Compare and contrast the economic policies of Brazil and Argentina and the results of these policies Argentina and Brazil are two contrasting economies in Latin America that both hit the headlines. Argentina was recently in the news for its protest about its unbearably difficult economy while Brazil is considered as the rising stars being a member of BRIC economies.
Argentina’s deteriorated economy can be attributed to the combination of political instability and adopting a series of populist economic policies that dragged the economy of the country down. First is its import substitution policy to encourage industrial growth but in the process denied capital for agricultural production displacing workers and output dramatically. Popular and state mandated huge wage increase resulted to inflation compounded by unchecked inflation in the 1980s. These economic policies also resulted in huge foreign debts amounting to three fourths of its national output. It worsened when the state forced the peso to be equal to the dollar. The country bottomed out and defaulted on its debt in 2001 causing its President Adolfo Rodriguez to resign. Various economic policies were then adopted to resuscitate the economy from debt restructuring to expansionary monetary and fiscal policies to checking inflation. To check inflation government held back exports. In 2012, Argentina restricted its import and adopted a tighten foreign currency control.
Brazil’s economic policy on the other hand adopted an inward-oriented economy that boosted its global competitiveness. It adopted policies of sustainability and economic liberalization that further boosted its national competitiveness. It maintained a controlled inflationary rate, adopted a floating exchange rate and disciplined fiscal spending that further boosted its economy.
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Hall, Patrick and Hall, John. Argentina’s Economic Policy: Failing to Learn from History. Web. April 21, 2014 Read More
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