Provides the basic economic tools for students to understand the problems in the countries of Latin America. This third edition analyzes challenges to the neoliberal model of development and highlights macroeconomic changes in the region. It explores the contradictions of growth, and focuses on factors of competitiveness.

Chapter 1: Development in Latin America: Conceptualizing Economic Change in the Region Chapter 2: Historical Legacies: Patterns of Unequal and Unstable Growth Chapter 3: Import Substitution Industrialization: Looking Inward for the Source of Economic Growth Chapter 4: Latin America's Debt Crisis: The Limits of External Financing Chapter 5: Macroeconomic Stabilization: A Critical Ingredient for Sustained Growth Chapter 6: The Role of the State: From a Smaller to a Smarter State Chapter 7: Financing for Development: Public and Private Capital Flows to Latin America Chapter 8: Contemporary Trade Policy: Engine or Brakes for Growth? Chapter 9: Policies Underpinning Growth: Productivity and Competitiveness in the Global Economy Chapter 10: Rural Development: Sowing the Seeds of Equitable, Sustainable Growth in Latin America Chapter 11: Poverty and Inequality: Addressing the Social Deficit in Latin America Chapter 12: Health Policy: Investing in People's Future Chapter 13: Education Policy: The Source of Equitable, Sustainable Growth Chapter 14: Environmental Challenges: Internalizing the Costs of Development Chapter 15: Lessons Learned: Cycles in Latin American Development

Superbly written, this book unravels the tortured history of Latin American economic development, making it comprehensible and enjoyable reading. Armed with the most current statistics and case studies . . . Franko fairly assesses successes and failures, from the import substitution policy to the state-led development and the 'radical shift' to the neoliberal experiment in the 1990s. . . . Essential. -- Richard Salvucci * H-Latam *This book is clearly written and organized. . . . It presents a wealth of detailed and illustrative data with precise definitions. . . . It is one of the best texts on the political economy of Latin America. It clearly presents and discusses the challenges and contradictions of contemporary development models in the region. . . . Highly recommend[ed] . . . for upper level undergraduate courses or graduate level courses on the development of Latin America. * The Latin Americanist *Franko's book is the most comprehensive book available, while also providing an engaging text for students. It is an excellent stand-alone text for economic novices and a wonderful starting point for more advanced economics students. -- Kristina Lybecker, Colorado College