Beyond the Washington Consensus? Asia and Latin America in search of more autonomous development
International economic power (the ability to shape rules of global economic conduct) needs to be understood in terms of the interactions between rule-makers and rule-takers in the global economy. Attempts to reshape development paradigms through interventions during financial crisis have been highly significant for the domestic political economy of the developing world. In the 1980s and early 1990s, the primary question was how much countries would liberalize in response to financial crisis. Reactions to the crises of the late 1990s in Asia and Latin America were more varied. This article explores domestic political responses to crises in both regions in the 1980s and late 1990s. It argues that countries are finding it increasingly difficult to trump domestic political pressure for change with arguments about technocratic necessity. Popular pressure is pushing governments into new experiments in economic nationalism, not a radical rejection of global economic integration, but a reshaping of relationships in an attempt to secure national interests and, in some cases, to devote more resources to welfare. Experiments to date are modest, but could presage more significant change in the future.
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Document Type: Research Article
Affiliations: Professor of Politics in the Department of Politics at the University of Sheffield.
Publication date: May 1, 2008