Latin America has started to abandon its centuries-long legacy of government-controlled economies and state-sanctioned corruption, write Paul Craig Roberts and Karen LaFollette Araujo, who are vigorous advocates of privatization. This massive shift in attitudes has taken place in just the last 10 years or so. It carries profound consequences not only for the region, but also for the United States and Europe, which now face increased competition for capital investment. The authors are often provocative--they suggest shutting down the World Bank and credit Chile's former military dictator Augusto Pinochet with great economic achievements--but always back up their ideas with sound reasoning.
"Eye-opening appraisals of the extraordinary potential of Latin American countries. Essential reading for those who have, or wish to have, commercial relations with our neighboring continent, Roberts and Araujo brilliantly combine a free market philosophical perspective with a proper appreciation of the region's history."--Steve Forbes
"A compelling blend of substance and ideas--illuminates the 'why' of revolution in economies in Latin America--and elsewhere--and the need for revolution in the multilateral financial institutions. Readable and rewarding."--George P. Shultz
"Lessons from socialist failures have been learned more quickly in Latin America than in Europe or the United States. This book lays out the record of Latin American accomplishments to date, along with a precautionary assessment of near-term prospects."--James Buchanan, Nobel Laureate in Economics, 1986
"The lesson of this book is evident: Only open economies and open societies provide the adequate framework for prosperity."--Pedro Aspe, Finance Minister of Mexico, 1988-1994
"While the world's attention has been focused on the demise of socialism and planning in Central and Eastern Europe, the quite remarkable liberalization of markets--both international and domestic--that has occurred in Latin America has gone larely unnoticed. Roberts and Araujo now bring us the story of the tortuous path that has brought capitalism and markets to Latin America."--Gale Johnson, Professor of Economics, University of ChicagoThe Capitalist Revolution in Lain America
is a carefully crafted account of how the peddlers of quack ideas created an ecnomic disaster zone and how the descendants of Turgot have begun to alter the Latin landscape. Roberts and Araujo eschew Newspeak. The result is a refreshing, 'politically incorrect' volume that would meet with George Orwell's approval."--Steve H. Hanke, Advisor to Argentina's ex-Minister of Economy, Comingo Cavallo, and Professor of Applied Economics, The Johns Hopkins University