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Peru stands out among Latin American countries as an example of successful economic reforms over the past decade. This comprehensive look at Peru's economy traces that country's journey from a debt crisis in the 1980s to having buffers in place that allowed it to emerge unscathed from the global financial crisis. The book examines the steps Peru undertook to achieve these results and extracts lessons to be learned. Chapters are written by IMF staff and Peruvian economists.
Peru stands out among Latin American countries as an example of successful economic reforms over the past decade. This comprehensive look at Peru's economy traces that country's journey from a debt crisis in the 1980s to having buffers in place that allowed it to emerge unscathed from the global financial crisis. The book examines the steps Peru undertook to achieve these results and extracts lessons to be learned. Chapters are written by IMF staff and Peruvian economists.
This volume gives specialists and students alike a comprehensive political history of Peru that includes the first full-length treatment of the 1980s, a decade in which early optimism sparked by the return of democratic rule gave way to widespread pessimism amidst a full-blown social, economic, and political crisis. Discussed are Peru's return to democracy in the 1980s and the multiple challenges that process has faced. The study traces the growth of the Sendero Luminoso insurgency; the economic collapse that brought Peru hyperinflation coupled with its deepest depression of the twentieth century; and the evolution of the electoral political system that brought Alberto Fujimori, a political novice, to the presidency in 1990. Many of the key causes of Peru's contemporary crisis--foreign debt, fiscal irresponsibility, desgobierno (erratic, inappropriate, or incompetent behavior on the part of the government), and the centralization of governmental authority--have been recurrent themes in Peruvian history since at least the early republican period. The profound social divisions within Peru's population, which constitute the principal cause of la crisis, have persisted even longer. A number of these divisions have broken down, however; in this development, the author sees cause for optimism in the midst of crisis. Latin American specialists, Peru watchers, advanced students in comparative politics, journalists, and anyone interested in the far-reaching changes occurring in Latin America will find this book useful and compelling.
Research paper on a social conflict between the government and urban area marketers and street vendors in Peru - studies the economic recession (particularly the food price policy); analyses its impact on high retail prices and the growth of petty commerce; includes a case study of the town of Huaraz made in 1977; and describes worsening trends since then. References.
Peru's Path to Recovery offers an adjustment program that is sound but also is complemented by a social support program to assist the poor - those who have suffered the most from the previous disadjustment.
As in most of the rest of Latin America, Peruvian economic strategy has gone in something of a circle, from long-established orientation toward an open economy with minimal state intervention to a period of state-led development, then back again to what looks like the starting point. In the 1960s, the Peruvian people had their first real chance to make a democratic choice between continuation of the country's open-economy orientation or change, & they chose change. Using this as his starting point, Sheahan explains how their choice was not provoked by any economic crisis but by other major influences. The majority of Peruvians, he shows, were seeking objectives more fundamental than economic growth. They were, with conflicting visions but with many good reasons, "searching for a better society." While positive accomplishments have been important, enough went wrong to lead Peru back to a more market-determined economic system in 1990. Sheahan addresses the consequences of this return to the earlier economic strategy & what might be done to shape the process of development-in Peru & in Latin America more generally-toward less unfair societies. Searching for a Better Society is different from the great majority of economic studies of developing countries in its emphasis on the basic role of social dissatisfaction with the country's traditional liberal economic system & on the complexity of social goals involved in evaluation of the choice & consequences of economic policies.
For the past fifteen years Peru has suffered a profound and lasting economic crisis that threatens the stability of the country's fragile democratic system. Economic mismanagement has led to plummeting per capita income, accelerating inflation—an annualized rate of nearly 3,000 percent by 1989—and widespread social upheaval. This study by experts in the United States and Latin America offers a coherent proposal for economic stabilization and structural adjustment to restore economic growth—but growth with equity—to this distressed country. The contributors provide background analysis and thorough diagnosis of Peru's economic problems. They explain how inconsistent populist policies and the ensuing economic crisis have caused the standard of living to deteriorate dramatically, paving the way for significant expansion of social violence, political instability, and isolation from the international financial community. Peru's Path to Recovery offers an adjustment program that is sound but also is complemented by a social support program to assist the poor - those who have suffered the most from previous disadjustment. This combination makes the program both equitable and politically sustainable. With the inauguration of Alberto Fujimori, Peru has the opportunity to embrace a new economic strategy to stabilize the economy, curtail the extreme poverty, and reduce the massive unemployment and underemployment. Such a course will not be easy: patterns of government, business, and social behavior will have to change. But through such changes Peru can hope to become a stable, thriving country once more.