Globalization and Austerity Politics in Latin America

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Cambridge University Press, Jan 28, 2013 - Business & Economics - 331 pages
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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.
 

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Contents

Globalization and Austerity Politics
25
Presidential Candidacy
48
A Appendix
71
A Appendix
103
The Electoral BoomBust Cycle
123
From Gunboat to TradingFloor Diplomacy
163
When Latin American Grasshoppers Become Ants
188
The Political Austerity Cycle
250
Conclusion
277
Field Research Interviews
291
Index
315
Copyright

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About the author (2013)

Stephen B. Kaplan is an Assistant Professor of Political Science and International Affairs at George Washington University. He received his Ph.D. in Political Science from Yale University in 2009 and was awarded a postdoctoral research fellowship at Princeton University's Niehaus Globalization and Governance Center during the 2009-10 academic year. His dissertation won the American Political Science Association's Mancur Olson Prize for the best dissertation in the field of political economy. Prior to his doctoral studies, Professor Kaplan worked as a senior economic analyst at the Federal Reserve Bank of New York from 1998 to 2003, writing extensively on developing country economics, global financial market developments, and emerging market crises. His current work focuses on the political economy of global development, the politics of international finance and Latin American politics.