Latin America: The Second Stage of Reform

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Abstract
The region's recent progress was achieved by shrinking the state and rejecting economic policies that depended on the discretionary decisions of poorly trained bureaucrats accountable only to the political bosses who controlled their badly paid (but highly profitable) jobs. Countries dismantled some of the most pernicious public institutions. Agencies in charge of policing compliance with thousands of officially set prices, of administering foreign-exchange controls and trade quotas, and of screening and authorizing foreign investment projects were done away with. Entire divisions within ministries were idled by the new policies. The adoption of a stern fiscal discipline to reduce the swelling of public budgets, the widespread deregulation of trade and investment, and the privatization of some money-losing...

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