Thoroughly revised and updated, this foundational text provides the basic economic tools for students to understand the problems facing the countries of Latin America. In the fourth edition, Patrice Franko analyzes challenges to the neoliberal model of development and highlights recent macroeconomic changes in the region.

Tables, Figures, and Boxes Preface Abbreviations Maps 1 Development in Latin America 2 Historical Legacies 3 Import Substitution Industrialization 4 Latin America's Debt Crisis 5 Macroeconomic Stabilization 6 Public and Private Capital Flows to Latin America 7 Contemporary Trade Policy 8 Microeconomic Foundations for Growth and Competitiveness in the Global Economy 9 Latin American Agriculture 10 Poverty in Latin America 11 Health Policy 12 Education 13 Promoting Sustainable Environments in Latin America 14 Lessons (Not Quite) Learned Glossary Bibliography

This book is essential for any student or policy-maker looking to solve the puzzle of economic development in Latin America. Why, after trying the full gamut of economic reforms, has the region had lackluster economic growth, frequent financial instability, persistent inequality, accentuated social conflict, and acute environmental degradation relative to other developing regions across the world? Franko's fourth edition is a student and battle-tested guide to the history, economics, politics, and institutional factors that surround Latin American economic policy-making that equips the reader with the perspective needed to learn from the past and forge a better future. -- Kevin Gallagher, Boston UniversityThis thoroughly updated edition of Patrice Franko's text is most welcome. I have used previous editions successfully both in advanced undergraduate economics courses and in graduate-level Latin American courses drawing students from diverse disciplines, with minimal economics background. The book has just the right balance of quantitative material and engaging examples of the dilemmas of Latin American development from the perspective of its peoples. -- Carmen Diana Deere, University of FloridaPatrice Franko's thorough examination of Latin America's economic evolution in the post-Cold War era sheds light on the puzzle of hope and frustration she expertly describes. This masterly book, now in its fourth edition, remains mandatory reading for those interested in understanding the world's most unequal region. -- Paulo Sotero, Brazil Institute, Wilson Center