Thread: Neoliberalism & Capitalist Dynamics in Latin America

Neoliberalism and the Dynamics of Capitalist Development in Latin America


by Prof. James Petras and Prof. Henry Veltmeyer
Global Research
November 19, 2009


An analysis of the dynamics of capitalist development over the last two decades has been overshadowed by an all too prevalent “globalizationâ€

5. The onset of the recession in Latin America is evident in the 6.2% fall in Brazil’s industrial output in November 2008 and its accelerating negative momentum (Financial Times, January 7, 2009 p. 5).

6. On this point see the IMF as in Alier and Clements (2007: 4-5): “Reallocating social spending to programs that most benefit the poor … [are] important for forging a more equitable society… [but] the distributive incidence of social spending varies greatly across programs, with primary education and social assistance programs having the most favorable impact, while higher education and social insurance programs tend to benefit middle and upper-income groups. Because of the low share of spending in pro-poor programs – such as social assistance – the majority of social spending benefits accrue to those that are relatively well off.â€