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Globalization and Austerity Politics in Latin America

Author

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  • Kaplan,Stephen B.
Abstract
In an age of financial globalization, are markets and democracy compatible? For developing countries, the dramatic internationalization of financial markets over the last two decades deepens tensions between politics and markets. Notwithstanding the rise of left-leaning governments in regions like Latin America, macroeconomic policies often have a neoliberal appearance. When is austerity imposed externally and when is it a domestic political choice? By combining statistical tests with extensive field research across Latin America, this book examines the effect of financial globalization on economic policymaking. Kaplan argues that a country's structural composition of international borrowing and its individual technocratic understanding of past economic crises combine to produce dramatically different outcomes in national policy choices. Incorporating these factors into an electoral politics framework, the book then challenges the conventional wisdom that political business cycles are prevalent in newly democratizing regions. This book is accessible to a broad audience and scholars with an interest in the political economy of finance, development and democracy, and Latin American politics.

Suggested Citation

  • Kaplan,Stephen B., 2013. "Globalization and Austerity Politics in Latin America," Cambridge Books, Cambridge University Press, number 9781107017979, September.
    • Handle: RePEc:cup:cbooks:9781107017979
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    Citations

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    Cited by:

    1. Hallerberg, Mark & Scartascini, Carlos, 2017. "Explaining changes in tax burdens in Latin America: Do politics trump economics?," European Journal of Political Economy, Elsevier, vol. 48(C), pages 162-179.
    2. Layna Mosley & Victoria Paniagua & Erik Wibbels, 2020. "Moving markets? Government bond investors and microeconomic policy changes," Economics and Politics, Wiley Blackwell, vol. 32(2), pages 197-249, July.
    3. Cormier, Benjamin & Naqvi, Natalya, 2023. "Delegating discipline: how indexes restructured the political economy of sovereign bond markets," LSE Research Online Documents on Economics 117248, London School of Economics and Political Science, LSE Library.
    4. Ardanaz, Martín & Hallerberg, Mark & Scartascini, Carlos, 2020. "Fiscal consolidations and electoral outcomes in emerging economies: Does the policy mix matter? Macro and micro level evidence from Latin America," European Journal of Political Economy, Elsevier, vol. 64(C).
    5. Mark Hallerberg & Carlos Scartascini, 2015. "Explaining Changes in Tax Burdens in Latin America: Does Politics Trump Economics?," IDB Publications (Working Papers) 90997, Inter-American Development Bank.
    6. Stephen B. Kaplan, 2018. "The Rise of Patient Capital: The Political Economy of Chinese Global Finance," Working Papers 2018-2, The George Washington University, Institute for International Economic Policy, revised Jul 2018.
    7. Stephen Kaplan, 2015. "Banking Unconditionally: The Political Economy of Chinese Finance in Latin America," Working Papers 2015-14, The George Washington University, Institute for International Economic Policy.
    8. Cormier, Ben, 2022. "Partisan external borrowing in middle-income countries," LSE Research Online Documents on Economics 113929, London School of Economics and Political Science, LSE Library.
    9. Rodrigo Barrenechea & Eduardo Dargent, 2020. "Populists and Technocrats in Latin America: Conflict, Cohabitation, and Cooperation," Politics and Governance, Cogitatio Press, vol. 8(4), pages 509-519.
    10. Pablo Gabriel Bortz & Nicole Toftum & Nicolás Hernán Zeolla, 2021. "Old Cycles and New Vulnerabilities: Financial Deregulation and the Argentine Crisis," Development and Change, International Institute of Social Studies, vol. 52(3), pages 598-626, May.
    11. Marcus André Melo & Armando Barrientos & André Canuto Coelho, 2014. "Taxation, redistribution and the social contract in Brazil," Global Development Institute Working Paper Series iriba_wp11, GDI, The University of Manchester.
    12. Andreas Kern & Puspa Amri, 2021. "Political credit cycles," Economics and Politics, Wiley Blackwell, vol. 33(1), pages 76-108, March.
    13. Fairfield, Tasha, 2015. "Structural power in comparative political economy:perspectives from policy formulation in Latin America," LSE Research Online Documents on Economics 62123, London School of Economics and Political Science, LSE Library.
    14. Stephen Kaplan, 2016. "Fighting Past Economic Wars: Crisis and Austerity in Latin America," Working Papers 2015-13, The George Washington University, Institute for International Economic Policy.
    15. Stephen B. Kaplan, 2016. "Banking unconditionally: the political economy of Chinese finance in Latin America," Review of International Political Economy, Taylor & Francis Journals, vol. 23(4), pages 643-676, July.
    16. Eloy Fisher, 2015. "The Crucible of Debt and Welfare Spending: Evidence from State-level Welfare Expenditures in the United States," Review of Political Economy, Taylor & Francis Journals, vol. 27(2), pages 201-217, April.
    17. Fairfield Tasha, 2015. "Structural power in comparative political economy: perspectives from policy formulation in Latin America," Business and Politics, De Gruyter, vol. 17(3), pages 411-441, October.
    18. Goes, Iasmin & Kaplan, Stephen B., 2024. "Crude credit: The political economy of natural resource booms and sovereign debt management," World Development, Elsevier, vol. 180(C).

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