Neoliberal Finance and Crisis in the Developing World

Authors

  • Ilene Grabel

DOI:

https://doi.org/10.14452/MR-053-11-2002-04_4

Keywords:

Political Economy

Abstract

The Mexican financial implosion of 1994-1995 marked the beginning of a parade of financial crises throughout the developing world that today shows no signs of abating. From the Asian crises of 1997-1998, to Russia and Brazil shortly thereafter, to Turkey in early 2001, and Argentina today, financial instability has swept through those developing countries that have embraced neoliberal financial reform. Former International Monetary Fund (IMF) Managing Director, Michel Camdessus, had it right when he dubbed the Mexican debacle the "first financial crisis of the twenty-first century." What he didn't understand was that the neoliberal financial regime that his institution had installed throughout the developing world contributed to the very turbulence that he lamented.

Published

2002-04-04

Issue

Section

Articles

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