Consolidating Economic Governance in Latin America

This book explores how Latin American countries consolidate economic governance after disruptions, resulting in complementary institutions and a new consolidated pattern. It emphasizes the importance of limiting vested interests' discretion in economic policies to ensure effective governance.

Format: Hardback
Length: 263 pages
Publication date: 03 January 2021
Publisher: Springer Nature Switzerland AG

This comprehensive book delves into the intricate process of economic governance consolidation in Latin American countries following significant disruptions to their formal and informal policy-making routines. It posits that the outcome of this institutional change, initiated by these disruptions, led to the emergence of complementary institutions that fostered a new and consolidated pattern of economic governance. Moreover, this work provides a robust theoretical foundation for economic governance that stands independently of performance metrics. While performance is commonly used as a benchmark to evaluate economic governance, crises are becoming more frequent, and government actions alone cannot guarantee optimal outcomes. This book argues that effective governance in the economic realm hinges on the ability and feasibility of curtailing the discretion of vested interests in economic policies, particularly when these interests can shift the costs of their actions onto the rest of society.

The book begins by examining the historical context and factors that contributed to the disruptions in Latin American countries' economic governance systems. It explores the role of political institutions, economic policies, and social movements in shaping these disruptions and the subsequent institutional changes. The authors then delve into the mechanisms and processes that underpinned the consolidation of economic governance. They discuss the role of institutions such as central banks, regulatory bodies, and social safety nets in mitigating the effects of crises and promoting stability.

The book also emphasizes the importance of political will and leadership in driving the consolidation process. It highlights the challenges faced by policymakers and the need for bipartisan cooperation and consensus-building to achieve sustainable economic governance. The authors explore the role of international organizations, such as the International Monetary Fund (IMF) and the World Bank, in providing financial and technical assistance to Latin American countries and promoting good governance practices.

Furthermore, the book discusses the challenges and opportunities that arise from the consolidation of economic governance. It explores the potential benefits of increased stability, economic growth, and social welfare, as well as the risks associated with centralized decision-making, reduced democratic accountability, and the concentration of power. The authors offer insights into the strategies that Latin American countries can employ to balance these challenges and achieve sustainable economic governance.

In conclusion, this book provides a valuable contribution to the study of economic governance in Latin American countries. It offers a comprehensive analysis of the factors that led to the disruptions and the processes that underpinned the consolidation of economic governance. The book provides a robust theoretical foundation for economic governance that is independent of performance metrics, and it emphasizes the importance of political will, leadership, and collaboration in achieving sustainable economic outcomes. By examining the challenges and opportunities that arise from the consolidation process, the book offers valuable insights into the future of economic governance in Latin America and beyond.

Weight: 478g
Dimension: 157 x 219 x 22 (mm)
ISBN-13: 9783030645212
Edition number: 1st ed. 2021