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A major, new, and comprehensive look at six decades of macroeconomic policies across the region

What went wrong with the economic development of Latin America over the past half-century?  Along with periods of poor economic performance, the region’s countries have been plagued by a wide variety of economic crises. This major new work brings together dozens of leading economists to explore the economic performance of the ten largest countries in South America and of Mexico. Together they advance the fundamental hypothesis that, despite different manifestations, these crises all have been the result of poorly designed or poorly implemented fiscal and monetary policies. 

Each country is treated in its own section of the book, with a lead chapter presenting a comprehensive database of the country’s fiscal, monetary, and economic data from 1960 to 2017. The chapters are drawn from one-day academic conferences—hosted in all but one case, in the focus country—with participants including noted economists and former leading policy makers. Cowritten with Nobel Prize winner Thomas J. Sargent, the editors’ introduction provides a conceptual framework for analyzing fiscal and monetary policy in countries around the world, particularly those less developed. A final chapter draws conclusions and suggests directions for further research.

A vital resource for advanced undergraduate and graduate students of economics and for economic researchers and policy makers, A Monetary and Fiscal History of Latin America, 1960–2017 goes further than any book in stressing both the singularities and the similarities of the economic histories of Latin America’s largest countries.

Contributors: Mark Aguiar, Princeton U; Fernando Alvarez, U of Chicago; Manuel Amador, U of Minnesota; Joao Ayres, Inter-American Development Bank; Saki Bigio, UCLA; Luigi Bocola, Stanford U; Francisco J. Buera, Washington U, St. Louis; Guillermo Calvo, Columbia U; Rodrigo Caputo, U of Santiago; Roberto Chang, Rutgers U; Carlos Javier Charotti, Central Bank of Paraguay; Simón Cueva, TNK Economics; Julián P. Díaz, Loyola U Chicago; Sebastian Edwards, UCLA; Carlos Esquivel, Rutgers U; Eduardo Fernández Arias, Peking U; Carlos Fernández Valdovinos (former Central Bank of Paraguay); Arturo José Galindo, Banco de la República, Colombia; Márcio Garcia, PUC-Rio; Felipe González Soley, U of Southampton; Diogo Guillen, PUC-Rio; Lars Peter Hansen, U of Chicago; Patrick Kehoe, Stanford U; Carlos Gustavo Machicado Salas, Bolivian Catholic U; Joaquín Marandino, U Torcuato Di Tella; Alberto Martin, U Pompeu Fabra; Cesar Martinelli, George Mason U; Felipe Meza, Instituto Tecnológico Autónomo de México; Pablo Andrés Neumeyer, U Torcuato Di Tella; Gabriel Oddone, U de la República; Daniel Osorio, Banco de la República; José Peres Cajías, U of Barcelona; David Perez-Reyna, U de los Andes; Fabrizio Perri, Minneapolis Fed; Andrew Powell, Inter-American Development Bank; Diego Restuccia, U of Toronto; Diego Saravia, U de los Andes; Thomas J. Sargent, New York U; José A. Scheinkman, Columbia U; Teresa Ter-Minassian (formerly IMF); Marco Vega, Pontificia U Católica del Perú; Carlos Végh, Johns Hopkins U; François R. Velde, Chicago Fed; Alejandro Werner, IMF.

How the best intentions of African socialism became the useful tools of capitalism.

In the mid-twentieth century, skilled labor was seen as the key to national development. For newly independent African countries, this posed a formidable challenge: to build thriving economies, they needed to rapidly educate workers. As it turns out, that wasn’t their only obstacle.

Ambition and Adjustment reveals how responses to this human capital problem from the political left and right converged in unlikely ways to block Africa’s postcolonial progress. Focusing on nation-building projects in Zambia and Tanzania, Priya Lal recounts how the first generations of Africa’s professional class faced pressures on all sides—from foreign planners prioritizing economic growth and from local socialists decrying higher education and professionalization as wasteful and elitist. When African development stalled, international institutions like the World Bank took up parts of both approaches, justifying structural adjustment programs that defunded African universities and hospitals in the name of social equity. Indeed, Lal shows that neoliberal austerity in the 1990s was packaged in Africa’s socialist narratives from the 1960s.

By unearthing this forgotten history, Ambition and Adjustment upends traditional accounts of postcolonial development, exposing how socialism and capitalism both conflicted and overlapped to shape Africa’s trajectory since independence.

More than a decade ago, before globalization became a buzzword, Yves Dezalay and Bryant G. Garth established themselves as leading analysts of how that process has shaped the legal profession. Drawing upon the insights of Pierre Bourdieu, Asian Legal Revivals explores the increasing importance of the positions of the law and lawyers in South and Southeast Asia.

            Dezalay and Garth argue that the current situation in many Asian countries can only be fully understood by looking to their differing colonial experiences—and in considering how those experiences have laid the foundation for those societies’ legal profession today. Deftly tracing the transformation of the relationship between law and state into different colonial settings, the authors show how nationalist legal elites in countries such as India, Indonesia, Malaysia, the Philippines, Singapore, and South Korea came to wield political power as agents in the move toward national independence. Including fieldwork from over 350 interviews, Asian Legal Revivals illuminates the more recent past and present of these legally changing nations and explains the profession’s recent revival of influence, as spurred on by American geopolitical and legal interests.