After the Washington Consensus: Restarting Growth and Reform in Latin America

This volume is a successor of sorts to an earlier study, Toward Renewed Economic Growth in Latin America (Institute for International Economics; 1986), which blazed the trail for the market-oriented economic reforms that were adopted in Latin America in the subsequent years. It again presents the work of a group of leading economists (*) who were asked to think about the nature of the economic policy agenda that the region should be pursuing after the better part of a decade that was punctuated by crises, achieved disappointingly slow growth, and saw no improvement in the region's highly skewed income distribution. It diagnoses the first-generation (liberalizing and stabilizing) reforms that are still lacking, the complementary second-generation (institutional) reforms that are necessary to provide the institutional infrastructure of a market economy with an egalitarian bias, and the new initiatives that are needed to crisis-proof the economies of the region to end its perpetual series of crises. (*) Pedro Pablo Kuczynski (Minister of Finance of Peru), Nancy Birdsall (President, Center for Global Development), Miguel Szekely (Mexico), Ricardo Lopez Murphy (Argentina), Jaime Saavedra (Peru), Claudio de Moura Castro (Brazil), Liliana Rojas-Suarez (Peru), Andres Velasco (Harvard), and Roberto Bouzas (Argentina).