This chapter argues that economists have oversold the virtues of globalization, displaying confidence in derived policy prescriptions well beyond the evidence. The most spectacular recent demonstration of hubris is the failure of almost the whole of the mainstream economics profession in the few years before 2007–8 to forecast a major recession. The chapter then outlines the neo-liberal world view and its application in the form of the development recipe known as the Washington Consensus. Since the 1980s, the Western economic policy ‘establishment’ has espoused a doctrine of ‘best economic policy’ for the world which says, put too simply, that ‘more market and less state’ should be the direction of travel for developed and developing countries. This overarching neo-liberal ideology embraces globalization as a major component, relating to the nature of integration into the international economy. The chapter then looks at trends in world income distribution and poverty, bearing in mind the optimistic claims of the globalization argument.
Chapter
12. Global Growth, Inequality, and Poverty:
Power and Evidence in Global ‘Best Practice’ Economic Policy
Robert Hunter Wade
Chapter
16. US foreign policy in Latin America
James Dunkerley
This chapter examines US foreign policy in Latin America and the historical evolution of US relations with the region. It first considers the Monroe Doctrine and manifest destiny, which sought to contain European expansion and to justify that of the United States under an ethos of hemispherism, before discussing the projection of US power beyond its frontiers in the early twentieth century. It then explores the United States’ adoption of a less unilateral approach during the depression of the 1930s and an aggressively ideological approach in the wake of the Cuban Revolution. It also analyzes US policy towards the left in Central America, where armed conflict prevailed in the 1980s, and in South America, where the Washington Consensus brought an end to the anti-European aspects of the Monroe Doctrine by promoting globalization. Finally, it looks at the impact of the Cold War on US policy towards Latin America.
Chapter
16. US foreign policy in Latin America
James Dunkerley
This chapter examines the historical evolution of U.S. foreign policy in Latin America. It begins with a discussion of the Monroe Doctrine and manifest destiny, which sought to contain European expansion and to justify that of the United States under an ethos of hemispherism. It then considers the projection of U.S. power beyond its frontiers in the early twentieth century, along with the effect of the Cold War on U.S. policy towards Latin America. It also explores American policy towards the left in Central America, where armed conflict prevailed in the 1980s, and that for South America, where the Washington Consensus brought an end to the anti-European aspects of the Monroe Doctrine by promoting globalization.
