This publication, entitled the CEPAL Review, is covered in the Social Sciences Citation Index (SSCI), published by Thomson ISI, and in the Journal of Economic Literature (JEL), published by the American Economic Association
Whither reform? Towards a new agenda for Latin America
Joseph E. Stiglitz, Professor of Economics and Finance, Graduate School of Business, Columbia University. Nobel Prize for Economics 2001
The article outlines a new agenda for reform that focuses on what Latin American countries can do given the current international regime, and identifies the failings of the earlier reform agenda: i) the reforms increased countries' exposure to risk without increasing their capacity to cope with it; ii) the macroeconomic reforms were unbalanced; iii) the reforms pushed privatization and measures for strengthening the private sector, but placed too little weight on improving the public sector. The article further argues in favour of formulating a set of economic policies that reflect a better balance between market and government, shifting the focus away from an overemphasis on inflation and towards job creation, away from privatizing existing enterprises and towards creating new ones, and away from a belief in trickle-down economics and towards poverty reduction, thereby reforming the economic agenda within the broader context of the transformation of society.