Why has Productivity Growth Stagnated in Most Latin American Countries since the Neo-liberal Reforms? Gabriel Palma

The author argues that the weakness of Latin America’s neo-liberal paradigm is rooted as much in its intrinsic flaws as in the particular way it has been implemented. Most politicians and economists interpreted the 1982 debt crisis as conclusive evidence that it had led the region into a cul-de-sac for state-led import substitution policies. This led to such frustration and disappointment with existing policies and institutions that it triggered a ‘rebound effect’, where the core of the discourse of the economic reforms that followed ended up simply emphasising the need to reverse as many aspects of the previous development (and…

Services and the New Capitalism C.P. Chandrasekhar

Contrary to the “new economy” perspective, which sees in the proliferation of the services sector signs of the progressive transformation of capitalism, the dominant role of services is that of offering a larger economic space in which the process of realization of surpluses generated by monopoly capital is ensured. services_new_capitalism (Download the full text in PDF format)