"In an age of financial globalization, are markets and democracy compatible? For developing countries, the dramatic internationalization of financial markets over the last two decades deepens long-standing tensions between politics and markets. Notwithstanding the rise of left-leaning governmen...

Ausführliche Beschreibung

Bibliographische Detailangaben

1. Verfasser:	Kaplan, Stephen B., 1973-
Format:	Elektronisch E-Book
Sprache:	English
Veröffentlicht:	New York : Cambridge University Press, 2013.
Schriftenreihe:	Cambridge studies in comparative politics.
Schlagworte:	Globalization > Latin America. Mondialisation > Amérique latine. POLITICAL SCIENCE > Economic Conditions. BUSINESS & ECONOMICS > Economic Conditions. BUSINESS & ECONOMICS > Economic History. BUSINESS & ECONOMICS > Economics > Comparative. Economic policy Globalization Politics and government Latin America > Economic policy. Latin America > Politics and government. Amérique latine > Politique économique. Amérique latine > Politique et gouvernement. Latin America
Online-Zugang:	Volltext
Zusammenfassung:	"In an age of financial globalization, are markets and democracy compatible? For developing countries, the dramatic internationalization of financial markets over the last two decades deepens long-standing tensions between politics and markets. Notwithstanding the rise of left-leaning governments in regions like Latin America, macroeconomic policies often have a neoliberal appearance. When is such austerity imposed externally and when is it a domestic political choice? Employing a multi-method research strategy that includes statistical tests and extensive field research from across Latin America, Stephen B. Kaplan builds and tests a theory that explains the effect of financial globalization on economic policy making. Focusing on both the structural and individual influences on policy making, he argues that a country's composition of international borrowing and its technocratic understanding of past economic crises combine to produce dramatically different outcomes in national policy choices. Incorporating these factors into an electoral politics framework, Kaplan's book then challenges the conventional wisdom that political business cycles are most likely in newly democratizing regions. Inflation-spurring expansions may occur when countries are unhindered by bond market indebtedness and inflation crisis legacies, but otherwise a political austerity cycle emerges characterized by macro- economic discipline. This book is targeted toward a broad audience within political science, economics, and Latin American politics, but is especially relevant for scholars of political economy of global finance, development and democracy, and the politics of economic policy making."--Page [i]. "Developing country politicians in a financially globalized world suffer a similar fate. Hoping to lift their countries to development's pinnacle, they toil against the fierce force of globalization. The repeatedly roll the policy boulder up the mountain. Hoping to please mercurial markets, governments cut spending, hike interest rates, and balance budgets. With each economic crisis, however, the rock repeatedly tumbles down the mountain. In this manner, financial volatility has wreaked havoc on developing country economies over the last two decades. Why are some countries able to surmount the gravity of globalization, while others suffer from a Sisyphus-like misfortune? Let us begin by taking a brief South American sojourn to Argentina and Venezuela. With the rise of the Latin American left over the last decade, scholars and the popular press have often placed these two countries under a similar radical or populist banner. They share other political and economic characteristics too. They are both presidential, upper middle-income countries that feature comparatively sized economies and populations. In terms of their macroeconomic approaches, however, their policy stances ..."--Page 1.
Beschreibung:	1 online resource (xxi, 331 pages) : illustrations
Bibliographie:	Includes bibliographical references (pages 293-314) and index.
ISBN:	9781139625302 1139625306 9781139086196 1139086197 9781139621588 1139621580 9781299318953 1299318959 9781139612289 113961228X