In the 1980s and 1990s, nations throughout Latin America
experienced the dual transformations of market liberalizing reforms
and democratization. Since then, perhaps no issue has been more
controversial among those who study the region than the exact
nature of the relationship between these two processes. Bringing a
much-needed comparative perspective to the discussion, Judith
Teichman examines the politics of market reform in Chile,
Argentina, and Mexico, analyzing its implications for democratic
practices in each case.
Teichman considers both internal and external influences on the
process of Latin American market reform, anchoring her
investigation in the historical, political, and cultural contexts
unique to each country, while also highlighting the important role
played by such international actors as the World Bank and the
International Monetary Fund (IMF). Informed by interviews with more
than one hundred senior officials involved in the reform process,
her analysis reveals that while the initial stage of market reform
is associated with authoritarian political practices, later phases
witness a rise in the importance of electoral democracy. She
concludes, however, that the legacy of authoritarian decision
making represents a significant obstacle to substantive
democratization.