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2003-06-18
En este provocativo ensayo publicado en una prestigiosa revista Canadiense, Gil Díaz contrasta la actual estructura institucional de la región con las políticas necesarias para lograr una exitosa economía de mercado. Argumenta que en Latinoamérica hacen falta los componentes críticos ; esto es, un entorno que proporciona incentivos para la generación de iniciativas y, de primordial importancia, la existencia de un sistema legal confiable. Traduce el texto haciendo uso del botón traductor que se encuentra en el marco derecho de la página.
Vancouver, BC - Markets have not failed Latin America, Latin America has failed to embrace market economics according to Francisco Gil Díaz, Mexico's Treasury Secretary, in an exclusive article published by The Fraser Institute in the June issue of Fraser Forum.
"[The] policies that have been undertaken are not even a pale imitation of what market economics ought to be, if we understand market economics as the necessary institutional framework for a sound economy to operate and flourish. What has been implemented throughout our continent is a grotesque caricature of market economics," says Gil Díaz.
Latin America's slow economic progress has led many to argue that the last two decades have been a failure of markets. But, this assumes that Latin American nations have adopted market economics.
Gil Díaz scoffs at this notion saying that such conclusions "are rooted in deep biases or in plain ignorance. It is obvious that what we might label the essential prerequisites of a successful economic policy have not been met throughout the region, except, with an almost sufficient persistency and completeness, in Chile".
In this provocative essay, Gil Díaz contrasts the current institutional set up throughout the region with the actual policies needed for a successful market-based economy. He argues that Latin America is missing the critical components for economic success, namely an environment that provides incentives for individual initiative and, of paramount importance, the existence of a reliable justice system.
As Gil Díaz states, "there are more ingredients in the recipe but the stew will be inedible without the judicial backbone".
He makes a compelling argument for a wide-ranging set of policies to unleash the lost potential of the region: a dependable judicial system, free trade, private ownership of the means of production, institutional safeguards to guarantee fiscal discipline and combat monopoly power, local government empowerment and competitive federalism, a stable regulatory environment, and the efficient distribution of public educational expenditures as well as their accountability.
"There are millions among our destitute masses who could have had a much better material well-being, whose opportunities will simply not materialize under present policies. The many obstacles we must overcome should not discourage us; two stand out as critical: judicial processes and macroeconomic stability. Perhaps it would be worthwhile for Latin America to begin by concentrating political reform capital on these two, before tackling the rest", he asserts.
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