Globalization in Latin America. Neoliberalism The “Chicago Boys” NAFTA The Promise of Neoliberalism The Performance of Neoliberalism The Return of Democracy. Neoliberalism.
Globalization in Latin America
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"The policies of privatization, austerity, and trade liberalization dictated to dependent countries by the International Monetary Fund and the World Bank as a condition for approval of investment, loans, and debt relief."
Since the late 1990's activists have used the word 'neoliberalism' for global market-liberalism ('capitalism') and for free-trade policies. In this sense it is now widely used in South America. Some people use the word interchangeably with 'globalization'. But free markets and free trade are not new, and this use of the term ignores developments in the advanced economies. The analysis here compares neoliberalism with its historical predecessors. Neoliberalism is not just economics: it is a social and moral philosophy, in some aspects qualitatively different from liberalism
"Neo" means we are talking about a new kind of liberalism. So what was the old kind? The liberal school of economics became famous in Europe when Adam Smith, an English economist, published a book in 1776 called THE WEALTH OF NATIONS. He and others advocated the abolition of government intervention in economic matters. No restrictions on manufacturing, no barriers to commerce, no tariffs, he said; free trade was the best way for a nation's economy to develop. Such ideas were "liberal" in the sense of no controls. This application of individualism encouraged "free" enterprise," "free" competition -- which came to mean, free for the capitalists to make huge profits as they wished.
Implemented in 1994 by the U.S. after bitter debates in the United States
U.S. labor opposed it because jobs would be lost to Mexico
Environmentalists were concerned about a series of issues including the entry of polluting Mexican trucks in to the US; the deterioration of public health inspections along the border, and, eventually, the export of genetically-engineered agriculture.
A common market among Argentina, Brazil, Paraguay and Uruguay, known as the "Common Market of the South" ("Mercado Comun del Sur"). It was created by the Treaty of Asunción on March 26, 1991, and added Chile and Bolivia as associate members in 1996 and 1997
CAFTA is a free trade agreement that includes the United States, El Salvador, Nicaragua, Guatemala, Honduras and Costa Rica. The Dominican Republic may also be added to the group. This agreement has not been finalized in Congress