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Inequality and InstabilityA Study of the World Economy Just Before the Great Crisis$
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James K. Galbraith

Print publication date: 2012

Print ISBN-13: 9780199855650

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199855650.001.0001

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Finance and Power in Argentina and Brazil

Finance and Power in Argentina and Brazil

(p.252) Chapter 11 Finance and Power in Argentina and Brazil
Inequality and Instability

James K. Galbraith

Oxford University Press

This chapter focuses on Brazil and Argentina as countries which defied the Washington-consensus model of economic development with their own models of evolution toward social democracy and a functioning welfare state. Both countries made similar transitions, under the same conditions, from import substitution economic models to open market economies. They experienced the instability and stress associated with the neoliberal economic climate of most other countries. The decreases in inequality in Brazil and Argentina resulted in a decline in the richest urban centers. The cause of this shift was due in part to favorable economic conditions after 2001, when global interest and commodity prices recovered. The chapter notes that in the case of these two countries, transformations were caused not so much by the direction of economic change but by its speed and abruptness.

Keywords:   Washington model of economic development, social democracy, welfare state, economic models, open market economies

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