After almost twenty-five years of experimenting with the
neo-liberal economic reforms collectively known as 'Washington
Consensus' policies, Latin Americans are starting to re-assess the
merits of these policies - at the voting booth. Many newly elected
governments are beginning to scrutinize the role of foreign direct
investment (FDI) in particular, and some nations have gone so far
as to nationalize foreign firms. Without endorsing or condoning the
actions taken by these governments, this volume demonstrates that
it is quite rational for governments in the region to re-evaluate
the role of FDI for their development paths.
The great promise of FDI by multinational corporations is that
capital will flow into your country and be a source of dynamic
growth. Beyond boosting income and employment, the hope was that
manufacturing FDI would bring knowledge spillovers that would build
the skill and technological capacities of local firms, catalyzing
broad-based economic growth; and environmental spillovers that
would mitigate the domestic ecological impacts of industrial
transformation.
Consisting of country case studies and comparative analyses from
Latin American and U.S.-based political economists, this volume
finds that when FDI did materialize if often fell far short of
generating the necessary linkages required to make FDI work for
sustainable economic development.
General
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