Search results for ""author sebastian edwards""

How Chile became home to the world’s most radical free-market experiment—and what its downfall suggests about the fate of neoliberalism around the globeIn The Chile Project, Sebastian Edwards tells the remarkable story of how the neoliberal economic model—installed in Chile during the Pinochet dictatorship and deepened during three decades of left-of-center governments—came to an end in 2021, when Gabriel Boric, a young former student activist, was elected president, vowing that “If Chile was the cradle of neoliberalism, it will also be its grave.” More than a story about one Latin American country, The Chile Project is a behind-the-scenes history of the spread and consequences of the free-market thinking that dominated economic policymaking around the world in the second half of the twentieth century—but is now on the retreat.In 1955, the U.S. State Department launched the “Chile Project” to train Chilean economists at the University of Chicago, home of the libertarian Milton Friedman. After General Augusto Pinochet overthrew socialist president Salvador Allende in 1973, Chile’s “Chicago Boys” implemented the purest neoliberal model in the world for the next seventeen years, undertaking a sweeping package of privatization and deregulation, creating a modern capitalist economy, and sparking talk of a “Chilean miracle.” But under the veneer of success, a profound dissatisfaction with the vast inequalities caused by neoliberalism was growing. In 2019, protests erupted throughout the country, and in 2022 Boric began his presidency with a clear mandate: to end neoliberalismo.In telling the fascinating story of the Chicago Boys and Chile’s free-market revolution, The Chile Project provides an important new perspective on the history of neoliberalism and its global decline today.

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The untold story of how FDR did the unthinkable to save the American economyThe American economy is strong in large part because nobody believes that America would ever default on its debt. Yet in 1933, Franklin D. Roosevelt did just that, when in a bid to pull the country out of depression, he depreciated the US dollar in relation to gold, effectively annulling all debt contracts. From FDR’s order for Americans to sell the government all their gold holdings to the Supreme Court confrontation that threatened to finish the New Deal, American Default provides a compelling account of an economic and legal drama that embroiled a nation.

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The political and economic history of Latin America has been marked by great hopes and even greater disappointments. Despite abundant resources - and a history of productivity and wealth - in recent decades the region has fallen further and further behind developed nations, surpassed even by other developing economies in Southeast Asia and elsewhere. In "Left Behind", Sebastian Edwards asks why the nations of Latin America have failed to share in the fruits of globalization and forcefully highlights the dangers of the recent turn to economic populism in the region. He begins by detailing the many ways Latin American governments have stifled economic development over the years through excessive regulation, currency manipulation, and thoroughgoing corruption. He then turns to the neoliberal reforms of the early 1990s, which called for the elimination of deficits, lowering of trade barriers, and privatization of inefficient public enterprises-and which, Edwards argues, held the promise of freeing Latin America from the burdens of the past. Flawed implementation, however, meant the promised gains of globalization were never felt by the mass of citizens, and growing frustration with stalled progress has led to a resurgence of populism, exemplified by the economic policies of Venezuela's Hugo Chavez. But such measures, Edwards warns, are a recipe for disaster; instead, he argues, the way forward for Latin America lies in further market reforms, more honestly pursued and fairly implemented. As the global financial crisis has reminded us, the risks posed by failing economies extend far beyond their national borders. Putting Latin America back on a path toward sustained growth is crucial not just for the region but for the world, and "Left Behind" offers a clear, concise blueprint for the road ahead.

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The untold story of how FDR did the unthinkable to save the American economyThe American economy is strong in large part because nobody believes that America would ever default on its debt. Yet in 1933, Franklin D. Roosevelt did just that, when in a bid to pull the country out of depression, he depreciated the U.S. dollar in relation to gold, effectively annulling all debt contracts. American Default is the story of this forgotten chapter in America's history.Sebastian Edwards provides a compelling account of the economic and legal drama that embroiled a nation already reeling from global financial collapse. It began on April 5, 1933, when FDR ordered Americans to sell all their gold holdings to the government. This was followed by the abandonment of the gold standard, the unilateral and retroactive rewriting of contracts, and the devaluation of the dollar. Anyone who held public and private debt suddenly saw its value reduced by nearly half, and debtors--including the U.S. government—suddenly owed their creditors far less. Revaluing the dollar imposed a hefty loss on investors and savers, many of them middle-class American families. The banks fought back, and a bitter battle for gold ensued. In early 1935, the case went to the Supreme Court. Edwards describes FDR's rancorous clashes with conservative Chief Justice Charles Evans Hughes, a confrontation that threatened to finish the New Deal for good—and that led to FDR's attempt to pack the court in 1937.At a time when several major economies never approached the brink of default or devaluing or recalling currencies, American Default is a timely account of a little-known yet drastic experiment with these policies, the inevitable backlash, and the ultimate result.

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The political and economic history of Latin America has been marked by great hopes and even greater disappointments. Despite abundant resources - and a history of productivity and wealth - in recent decades the region has fallen further and further behind developed nations, surpassed even by other developing economies in Southeast Asia and elsewhere. In "Left Behind", Sebastian Edwards explains why the nations of Latin America have failed to share in the fruits of globalization and highlights the dangers of the recent turn to economic populism in the region. He begins by detailing the many ways Latin American governments have stifled economic development over the years through excessive regulation, currency manipulation, and thoroughgoing corruption. He then turns to the neoliberal reforms of the early 1990s, which called for the elimination of deficits, lowering of trade barriers, and privatization of inefficient public enterprises - and which, Edwards argues, held the promise of freeing Latin America from the burdens of the past. Flawed implementation, however, meant the promised gains of globalization were never felt by the mass of citizens, and growing frustration with stalled progress has led to a resurgence of populism throughout the region, exemplified by the economic policies of Venezuela's Hugo Chavez. But such measures, Edwards warns, are a recipe for disaster; instead, he argues, the way forward for Latin America lies in further modernization reforms, more honestly pursued and fairly implemented. As an example of the promise of that approach, Edwards points to Latin America's giant, Brazil, which in recent years has finally begun to show signs of reaching its true economic potential.

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Again and again, Latin America has seen the populist scenario played to an unfortunate end. Upon gaining power, populist governments attempt to revive the economy through massive spending. After an initial recovery, inflation reemerges and the government responds with wage an price controls. Shortages, overvaluation, burgeoning deficits, and capital flight soon precipitate economic crisis, with a subsequent collapse of the populist regime. The lessons of this experience are especially valuable for countries in Eastern Europe, as they face major political and economic decisions. Economists and political scientists from the United States and Latin America detail in this volume how and why such programs go wrong and what leads policymakers to repeatedly adopt these policies despite a history of failure. Authors examine this pattern in Argentina, Brazil, Chile, Mexico, Nicaragua, and Peru—and show how Colombia managed to avoid it. Despite differences in how each country implemented its policies, the macroeconomic consequences were remarkably similar. Scholars of Latin America will find this work a valuable resource, offering a distinctive macroeconomic perspective on the continuing controversy over the dynamics of populism.

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Go behind the scenes of generations of the British royal family, exploring both the glamour and domestic life inside the spectacular 300‐year-old Kensington Palace Kensington Palace is renowned for its architecture, splendid interiors, internationally important collections, and, of course, its royal residents. This lavish book thoroughly explores Kensington’s physical beauty and its history, presenting new material drawn from archives, newspapers, personal letters, images, and careful analysis of the building itself. Originally a fashionable Jacobean villa, Kensington was dramatically rebuilt in 1689 by Christopher Wren for the newly crowned monarchs, William III and Mary II. The palace became the favored London home of five sovereigns, yet also survived fires, partial collapse, bombings, and periods of neglect. Queen Victoria recognized the national significance of her birthplace and childhood home, turning the palace into her own memorial as well as a home for members of her extended family and their descendants. With over 450 illustrations, including specially commissioned reconstructions and historic plans, this volume explores the personal tastes and fashions of the British monarchy over the course of 300 years and provides insight into the 20th- and 21st-century royal family’s domestic life.Published in association with the Paul Mellon Centre for Studies in British Art

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Crime rates in Latin America are among the highest in the world, creating climates of fear and lawlessness in several countries. Despite this situation, there has been a lack of systematic effort to study crime in the region or the effectiveness of policies designed to tackle it. "The Economics of Crime" is a powerful corrective to this academic blind spot and makes an important contribution to the current debate on causes and solutions by applying lessons learned from recent developments in the economics of crime. "The Economics of Crime" addresses a variety of topics, including the impact of kidnappings on investment, mandatory arrest laws, education in prisons, and the relationship between poverty and crime. Utilizing research from within and without Latin America, this book illustrates the broad range of approaches that have been efficacious in studying crime in both developing and developed nations. "The Economics of Crime" is a vital text for researchers, policymakers, and students of both crime and Latin American economic policy.

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Studies of African economic development frequently focus on the daunting challenges the continent faces. From recurrent crises to ethnic conflicts and long-standing corruption, a raft of deep-rooted problems has led many to regard the continent as facing many hurdles to raise living standards. Yet Africa has made considerable progress in the past decade, with a GDP growth rate exceeding five percent in some regions. The African Successes series looks at recent improvements in living standards and other measures of development in many African countries with an eye toward identifying what shaped them and the extent to which lessons learned are transferable and can guide policy in other nations and at the international level. The fourth volume in the series, African Successes: Sustainable Growth combines informative case studies with careful empirical analysis to consider the prospects for future African growth.

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