The Politics of Market Reform in Fragile Democracies: Argentina, Brazil, Peru, and Venezuela

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Princeton University Press, 2002 - Political Science - 335 pages
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This book takes a powerful new approach to a question central to comparative politics and economics: Why do some leaders of fragile democracies attain political success--culminating in reelection victories--when pursuing drastic, painful economic reforms while others see their political careers implode? Kurt Weyland examines, in particular, the surprising willingness of presidents in four Latin American countries to enact daring reforms and the unexpected resultant popular support. He argues that only with the robust cognitive-psychological insights of prospect theory can one fully account for the twists and turns of politics and economic policy in Argentina, Brazil, Peru, and Venezuela during the 1980s and 1990s.


Assessing conventional approaches such as rational choice, Weyland concludes that prospect theory is vital to any systematic attempt to understand the politics of market reform. Under this theory, if actors perceive themselves to be in a losing situation they are inclined toward risks; if they see a winning situation around them, they prefer caution.


In Latin America, Weyland finds, where the public faced an open crisis it backed draconian reforms. And where such reforms yielded an apparent economic recovery, many citizens and their leaders perceived prospects of gains. Successful leaders thus won reelection and the new market model achieved political sustainability. Weyland concludes this accessible book by considering when his novel approach can be used to study crises generally and how it might be applied to a wider range of cases from Latin America, Africa, and Eastern Europe.


 

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Contents

THE PUZZLE OF RISKY REFORMS IN UNSTABLE DEMOCRACIES
iii
THE INSUFFICIENCY OF EXISTING ARGUMENTS
2
A NEW EXPLANATION OF ADJUSTMENT POLITICS
21
ECONOMIC DETERIORATION AND POSTPONED ADJUSTMENT IN THE 1980s
55
THE INITIATION OF NEOLIBERAL ADJUSTMENT
78
POPULIST POLITICS AND ECONOMIC RESTRUCTURING
118
THE POLITICAL SUSTAINABILITY OF NEOLIBERALISM AND NEOPOPULISM IN ARGENTINA AND PERU
152
THE FITFUL COURSE OF MARKET REFORM IN BRAZIL AND VENEZUELA
194
THEORETICAL IMPLICATIONS AND CROSSREGIONAL PERSPECTIVES
235
BIBLIOGRAPHY
269
INDEX
309
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Page 288 - Stabilization and Adjustment in Argentina, Brazil, and Mexico." In Joan Nelson, ed., Economic Crisis and Policy Choice: The Politics of Adjustment in the Third World, 63-111.
Page 285 - For greater detail on the functioning of this mechanism, see Albert O. Hirschman, "The Political Economy of Import-Substituting Industrialization in Latin America," in Hirschman, A Bias for Hope (New Haven: Yale University Press, 1971), pp.

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About the author (2002)

Kurt Weyland is Associate Professor of Government at the University of Texas at Austin.

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