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Creative Destruction? - Economic Crises and Democracy in Latin America (Paperback, New)
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Creative Destruction? - Economic Crises and Democracy in Latin America (Paperback, New)
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Throughout the twentieth century, financial shocks toppled
democratic and authoritarian regimes across Latin America. But
things began to change in the 1980s. This volume explains why this
was the case in Argentina, Chile, and Uruguay. Taking a comparative
historical approach, Francisco E. Gonzalez looks at how the Great
Depression, Latin America's 1980s debt crisis, and the emerging
markets' meltdowns of the late 1990s and early 2000s affected the
governments of these three Southern Cone states. He finds that
democratic or not, each nation's governing regime gained stability
in the 1980s from a combination of changes in the structure and
functioning of national and international institutions, material
interests, political ideologies, and economic paradigms and
policies. Underlying these changes was a growing ease in the
exchange of ideas. As the world's balance of power transitioned
from trilateral to bipolar to unipolar, international institutions
such as the World Bank and the International Monetary Fund
increased crisis interventions that backstopped economic freefalls
and strengthened incumbents. Urban-based populations with
relatively high per capita income grew and exercised their
preference for the stability and prosperity they found as a class
under democratic rule. These and other factors combined to
substantially increase the cost of military takeovers, leading to
fewer coups and an atmosphere friendlier toward domestic and
foreign capital investment. Gonzalez argues that this confluence
created a pro-democracy bias - which was present even in Augusto
Pinochet's Chile - that not only aided the states' ability to
manage economic and political crises but also lessened the
political, social, and monetary barriers to maintaining or even
establishing democratic governance. With a concluding chapter on
the impact of the Great Recession in other Latin American states,
Eastern Europe, and East Asia, "Creative Destruction?" lends
insight into the survival of democratic and authoritarian regimes
during times of extreme financial instability. Scholars and
students of Latin America, political economy, and democratization
studies will find Gonzalez's arguments engaging and the framework
he built for this study especially useful in their own work.
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