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The Politics of Market Reform in Fragile Democracies : Argentina, Brazil, Peru, and Venezuela - Kurt Weyland

The Politics of Market Reform in Fragile Democracies

Argentina, Brazil, Peru, and Venezuela

Paperback Published: 25th April 2004
ISBN: 9780691117874
Number Of Pages: 312

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This book takes a powerful new approach to a question central to comparative politics and economics: Why do some leaders of fragile democracies attain political success--culminating in reelection victories--when pursuing drastic, painful economic reforms while others see their political careers implode? Kurt Weyland examines, in particular, the surprising willingness of presidents in four Latin American countries to enact daring reforms and the unexpected resultant popular support. He argues that only with the robust cognitive-psychological insights of prospect theory can one fully account for the twists and turns of politics and economic policy in Argentina, Brazil, Peru, and Venezuela during the 1980s and 1990s.

Assessing conventional approaches such as rational choice, Weyland concludes that prospect theory is vital to any systematic attempt to understand the politics of market reform. Under this theory, if actors perceive themselves to be in a losing situation they are inclined toward risks; if they see a winning situation around them, they prefer caution.

In Latin America, Weyland finds, where the public faced an open crisis it backed draconian reforms. And where such reforms yielded an apparent economic recovery, many citizens and their leaders perceived prospects of gains. Successful leaders thus won reelection and the new market model achieved political sustainability. Weyland concludes this accessible book by considering when his novel approach can be used to study crises generally and how it might be applied to a wider range of cases from Latin America, Africa, and Eastern Europe.

One of Choice's Outstanding Academic Titles for 2003 "Anyone interested in the politics of public policy should read Weyland's clearly written, stimulating book, which combines theoretical novelty with substantive breath yet gives other theoretical approaches clear and reasonably fair treatment."--Choice "The Politics of Market Reforms in Fragile Democracies stands out as being by far the most comprehensive and theoretically insightful work on market reform to date. It is an example of first-class scholarship in breadth and scope. It challenges existing theories and provides a brilliant explanation that in many ways is able to integrate previous findings in a simple yet parsimonious way. This book will be a point of departure for anyone who is interested in market reforms in the years to come."--Luigi Manzetti, Perspectives on Politics

Figures and Tablesp. vii
Acronymsp. ix
Acknowledgmentsp. xiii
The Puzzle of Risky Reforms in Unstable Democraciesp. 1
The Insufficiency of Existing Argumentsp. 18
A New Explanation of Adjustment Politicsp. 37
Economic Deterioration and Postponed Adjustment in the 1980sp. 71
The Initiation of Neoliberal Adjustmentp. 94
Populist Politics and Economic Restructuringp. 134
The Political Sustainability of Neoliberalism and Neopopulism in Argentina and Perup. 168
The Fitful Course of Market Reform in Brazil and Venezuelap. 210
Theoretical Implications and Cross-Regional Perspectivesp. 251
Bibliographyp. 285
Indexp. 325
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780691117874
ISBN-10: 069111787X
Audience: Tertiary; University or College
Format: Paperback
Language: English
Number Of Pages: 312
Published: 25th April 2004
Publisher: Princeton University Press
Country of Publication: US
Dimensions (cm): 22.86 x 14.61  x 1.91
Weight (kg): 0.51