Financialization, Austerity, and Inclusion in Latin America and the Caribbean

Inbunden, Engelska, 2023

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Beskrivning

Financialization, Austerity, and Inclusion in Latin America and the Caribbean examines the spread of financialization since 1980, highlighting the ideational origins of financialization outside the region, its effects on government budgeting and social inclusion, and options for increased inclusivity. Rana S. Gautam, Diogo L. Pinheiro, and Dwight Wilson argue that rather than a mechanistic implementation of external pressures, financialization is a complex social process with ideational origins in which national-level actors participate. Ultimately, the authors find that deeper financial integration, the expansion of credit, and reliance on international bond markets drives governments to cut certain areas of social spending and drives inequality but ameliorates absolute poverty. There is, therefore, space for agents to mold financialization and its inclusiveness.

Produktinformation

Utgivningsdatum:2023-12-08
Mått:161 x 240 x 20 mm
Vikt:463 g
Format:Inbunden
Språk:Engelska
Antal sidor:182
Förlag:Bloomsbury Publishing Plc
ISBN:9781793647955

Utforska kategorier

Finansiering inom Ekonomi och Ledarskap
Amerikas historia inom Historia och arkeologi

Mer om författaren

Rana S. Gautam is associate professor of human services at the University of North Georgia. He serves on the editorial board of American Journal of Evaluation.Diogo L. Pinheiro is associate professor of sociology and assistant director of the Center for Undergraduate Research and Creative Activities at the University of North Georgia.Dwight Wilson is associate professor of political science and international affairs at the University of North Georgia.

Recensioner i media

The authors' goal is to reconcile the insights of pro-globalization and pro-financial development economists with criticisms of those perspectives put forward by sociologists and political scientists in financialization studies. The authors note how rapid changes in Latin America over the last few decades have turned the financial sectors of many countries from some of the most regulated and closed systems into some of the most open. The fundamental question they ask is whether those changes have been harmful or helpful to social and human development. While the authors do not precisely define financialization, they note its many forms and operationalize the concept through two measures: the ratio of international private debt securities to GDP and domestic credit to the private sector granted by financial institutions, including the central bank. Chapter2 explores the historical development of finance in Latin America, and chapter 3 describes the empirical tests carried out in chapters 4 and 5, where the authors analyze the relationship between increased financialization and overall social spending. Their results partially support and partially undermine both schools of thought. Recommended. Graduate students, faculty, and professionals.

Innehållsförteckning

Chapter 1: The Puzzle of FinancializationChapter 2: The Uneven Process of Financialization in Latin AmericaChapter 3: Problems of FinancializationChapter 4: Bond Markets and Their Implications for Social SpendingChapter 5: Financialization, Social Policy, and Social InclusionChapter 6: Understanding Financialization and its Consequences