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The Effect of Free-Market Policies on Latin American Countries - Essay Example

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The purpose of this project is to explore the effects of free-market doctrine on Latin American developing countries. The project will aim to provide a closer look at the relationship between democracy, liberal views and the adoption of "free market" libertarianism economic policies…
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The Effect of Free-Market Policies on Latin American Countries
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Download file to see previous pages The researcher will analyze the claims of authors like Naomi Klein, that economic forces are driving our world toward "disaster capitalism", and contrast them with the views of the economist Sebastian Edwards, which although still critical of some aspects of the effect of free market on developing countries is supportive of the overall free-market reform process. Our paper will provide evidence that supports the view of free market bliss as an urban myth based on consequentialist libertarianism that may have its origins in universities and think tanks in the United States, but has been adopted, implemented, and fostered by Latin countries through their own misconceptions, and misplaced hopes and enthusiasm. The paper will focus on providing some background to the free market theory and its origins. It will then provide relevant examples of Latin American countries and their experience with free-market experiments. It will also compare conventional wisdom that links protectionism with limited financial performance, with a) the economic belle époque of Latin America that coincided with the highest tariff levels in Latin America history, and b) specific examples of Latin American countries that adopted modern free-market policies. This section focuses on the theoretical claims and structure of Free Market policies as the neoclassical school of thought. The researcher will focus especially on the contributions to this topic by the Chicago school of economics and the so-called Washington Consensus. Both of these schools of thought have been hugely influential in Latin American market reforms. The researcher’s analysis will center on their views on neoclassical price theory analysis, free-market libertarianism, and an uncanny aversion to mathematical formalism. The researcher will argue that the results-oriented rationale of "free market" policies, which often forego more meticulous general equilibrium reasoning, could have been a catalyst not only for the financial crisis we are now experiencing but also the failure of free-market policies in Latin American countries. ...Download file to see next pagesRead More
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