The wave of neoliberal economic reforms in the developing world since the 1980s has been regarded as the result of both severe economic crises and policy pressures from global financial institutions such as the International Monetary Fund (IMF). Using comparative evidence from the initiation and implementation of IMF programs in Latin America and Eastern Europe, From Economic Crisis to Reform shows that economic crises do not necessarily persuade governments to adopt IMF-style economic policies. Instead, ideology, interests, and institutions, at both the international and domestic levels, mediate responses to such crises. Grigore Pop-Eleches explains that the IMF's response to economic crises reflects the changing priorities of large IMF member countries. He argues that the IMF gives greater attention and favorable treatment to economic crises when they occur in economically or politically important countries. The book also shows how during the neoliberal consensus of the 1990s, economic crises triggered IMF-style reforms from governments across the ideological spectrum and how these reforms were broadly compatible with democratic politics. By contrast, during the Latin American debt crisis, the contentious politics of IMF programs reflected the ideological rivalries of the Cold War. Economic crises triggered ideologically divergent domestic policy responses and democracy was often at odds with economic adjustment. The author demonstrates that an economic crisis triggers neoliberal economic reforms only when the government and the IMF agree about the roots and severity of the crisis.

This work provides a thorough analytical review of the processes that led to the transformation of many Latin American economies during the last decade. The author examines every aspect of adjustment and reform since 1980 and suggests alternative ways to consolidate the achievements.

Seminar paper from the year 2013 in the subject Politics - Topic: Globalization, Political Economics, grade: 2,0, Christian-Albrechts-University of Kiel, language: English, abstract: Despite of the fact that the market economy has demonstrated its superiority before the others types of economies it is still not protected from crises. Economic crises are usually connected with the end of business cycles but they can also take place by the negative state of economy or mistakes of governments. In any case crises have negative influence on the electoral support of governments because voters have to accept such negative economic phenomena as unemployment, inflation, bankruptcy of banks and companies. Voters are inclined to blame governments and political actors with such problems. The most popular form of response of governments to economic crises is the implication of appropriate economic reforms. Some reforms can have negative consequences for voters and therefore for the electoral support and restrict some essential options of the welfare state. Nevertheless the examples from the current crisis of the Euro zone as well as the examples from previous crises show that certain states implement reforms and therefore overcome crisis more successful than others. In this way, the problem of this term paper is the following one: why are some countries in the Euro zone are more successful in implementing reforms than others? In order to answer this question first of all the theoretical frames are represented. They include two theories which explain the decision of governments to undertake economic reforms as well as the behavior during the reforms’ implementation. The empirical examples of Italy which went through the severe economic crisis before the joining the Euro zone in the 1990s and Ireland which suffered from the financial crisis of 2008 – 2009 as a member state of the Euro zone and then overcame it will show how and why some countries can be successful in implementation of risky reforms in practice.

This book examines the character and consequences of Egypt's economic reform and structural adjustment programme of 1991, along with the second stage of reforms in 1996. It contributes to the debates underpinning the political economy of economic reform and agricultural reform.

The editors of this book have put together a compelling compendium of explanations and consequences of the global financial crisis. The essays are fairly homogeneous despite their apparent diversity, all providing a useful historical background. There is an obvious Institutionalist twist, with authors examining the changes in organizations and regulations that have accompanied the move towards financialization and money-manager capitalism. This analysis is often informed by the work of Hyman Minsky, pointing towards the inherent destabilizing forces of competition, as well as the dangers of deregulation, self-regulation, securitization, excess leverage, global imbalances, and the illusion of liquidity-enhancing and risk-reducing financial innovations. Marc Lavoie, University of Ottawa, Canada This valuable collection offers a stimulating range of heterodox views on the global financial crisis and proposals for reform of the financial system, nationally and internationally. The perspective of the authors is broadly Post Keynesian, sometimes with a radical or an institutionalist twist. Vigorously argued, clearly presented and largely non-technical, these essays provide a great deal of food for thought. John King, La Trobe University, Australia Though the worst of the financial crisis of 2008 has, with hope, ebbed, it has forever changed the economy in the United States and throughout the rest of the world. Using the financial and economic crisis as a catalyst, this volume examines how to better regulate the financial system and what to expect in the future if no steps are made toward reform. This book lays the foundation for those steps by providing concrete ideas that will push policy in the direction of jobs growth and widespread prosperity. Paired with a history of financial market problems, Heterodox Analysis of Financial Crisis and Reform analyzes complacency regarding the state of the economy, its lack of jobs, growing income disparity, poverty and the consequences of the false but widely shared belief that the economy is self-regulating. This book suggests ways to account for the inherent instability of financial markets and how to make asset values less precarious. Examining both the macro and micro sides of financial instability, the authors argue that existing rules and regulations are either not applied or that they are not effective enough to prevent market fluctuations of the magnitude experienced in 2008. This volume also sheds new light on just how inextricably linked success on Wall Street and welfare on Main Street have become. Students and scholars of heterodox economics, historians, political scientists, policymakers and all those with an interest in an economic renaissance will find this thought-provoking analysis of significant interest.

Explains the surprising endurance of neoliberal policymaking over two decades in post-Communist countries, from 1989-2008, and its decline after the financial crash.

Communism in Eastern Europe is in crisis. Its dimensions are social and economic; its manifestation is political. This volume, a collection of essays by leading authorities, describes the symptoms of the crisis, diagnoses the causes of the malady, and offers alternative scenarios for therapy. A unique dimension of this collection is its avoidance of one-dimensional explanations. The contributors approach the subject from very different angles, and start from very distinct sociopolitical premises. The volume includes original accounts of unexplored aspects of East European communism as well as classic interpretations of the economic crisis and social stagnation that characterize the area. Contributions not only examine the sociopolitical behavior of the ruling apparatus, but also analyze its strategies, political culture, and the opposition. Both the professional and the general reader seeking more information about Eastern Europe will find this volume an extensive, in-depth portrait of the current situation in what many observers predict may develop into the major area of tension in post-World War II Europe.