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Latin America suffered a profound state crisis in the 1980s, which prompted not only the wave of macroeconomic and deregulation reforms known as the Washington Consensus, but also a wide variety of institutional or 'second generation' reforms. 'The State of State Reform in Latin America' reviews and assesses the outcomes of these less studied institutional reforms. This book examines four major areas of institutional reform: a. political institutions and the state organization; b. fiscal institutions, such as budget, tax and decentralization institutions; c. public institutions in charge of sectoral economic policies (financial, industrial, and infrastructure); and d. social sector institutions (pensions, social protection, and education). In each of these areas, the authors summarize the reform objectives, describe and measure their scope, assess the main outcomes, and identify the obstacles for implementation, especially those of an institutional nature.
During the Cold War, freedom of expression was vaunted as liberal democracy’s most cherished possession—but such freedom was put in service of a hidden agenda. In The Cultural Cold War, Frances Stonor Saunders reveals the extraordinary efforts of a secret campaign in which some of the most vocal exponents of intellectual freedom in the West were working for or subsidized by the CIA—whether they knew it or not. Called "the most comprehensive account yet of the [CIA’s] activities between 1947 and 1967" by the New York Times, the book presents shocking evidence of the CIA’s undercover program of cultural interventions in Western Europe and at home, drawing together declassified documents and exclusive interviews to expose the CIA’s astonishing campaign to deploy the likes of Hannah Arendt, Isaiah Berlin, Leonard Bernstein, Robert Lowell, George Orwell, and Jackson Pollock as weapons in the Cold War. Translated into ten languages, this classic work—now with a new preface by the author—is "a real contribution to popular understanding of the postwar period" (The Wall Street Journal), and its story of covert cultural efforts to win hearts and minds continues to be relevant today.
Entrepreneurship -- manifested in the entry of new firms or products into new markets, or substantial improvements in technological capacity or process innovation by incumbent firms -- is widely considered to be an important ingredient for long term economic development. This report argues that entrepreneurship is also a source of employment generation, export growth, and resilience during economic downturns. Although the conventional wisdom suggests that Latin American and Caribbean countries underperform relative to China and other emerging markets in terms of its entrepreneurial dynamism, t.
Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.