A Tale of Two Crises: Latin America in the 1980s and the "HPAE" in the 1990s

Weeks, John

Abstract

This chapter reviews the Latin American growth disaster of the 1980s and considers its implications for the causes of the Asian financial crisis. The impressive growth performances of a small group of Asian countries made those countries an ideological battlefield (Wade 1996). For those of a neoclassical persuasion, it became important to demonstrate that the so-called miracles achieved their miracles by following orthodox policy dogma, especially ‘sound macro fundamentals’. It was equally important to the heterodox school to claim the ‘miracles’ as their own. When ‘show case’ countries transubstantiated into ‘basket cases’ (see Pincus and Ramli 1998), each school sought an explanation consistent with its particular political economy.

Citation

Weeks, J. (2003). A Tale of Two Crises: Latin America in the 1980s and the "HPAE" in the 1990s. In M. Andersson, & C. Gunnarsson (Eds.), Development and Structural Change in Asia-Pacific: Globalising miracles or and end of a model? (48-74). Routledge Curzon. https://doi.org/10.4324/9780203609026-13

• Publication Date: Sep 1, 2003
• Deposit Date: Dec 9, 2007
• Publicly Available Date: Sep 2, 2103
• Peer Reviewed: Not Peer Reviewed
• Pages: 48-74
• Series Title: Routledge studies in the growth economies of Asia
• Series ISSN: 1359-7876
• Book Title: Development and Structural Change in Asia-Pacific: Globalising miracles or and end of a model?
• ISBN: 9780415304160
• DOI: https://doi.org/10.4324/9780203609026-13