Why was the Washington consensus irresistible in Latin America Essay

wherefore was the Washington consensus irresistible in Latin America - Essay ExampleWithin the current globalized system, the immensity of international political economy and the means by which decisions of economic importance are set-aside(p), the overall aim of relevance is maximized. As a function of this, the following analysis will engage the reader with an dread of why the Washington Consensus came to be so widely accepted and agreed upon by a litany of divers(prenominal) Latin American countries. Although merely referencing the Washington Consensus, and the determinants that it necessarily imposes, would be an effective start, the analysis will to a fault integrate with an in-depth discussion of each of the 10 points which engenders the Washington consensus as a means of understanding the eventual(prenominal) attraction that so many Latin American countries had to this particular economic integration and approach (Marangos, 2008). Further, the funny drawbacks and tacit inabilities that the Washington Consensus will also be discussed with regards to the way in which stakeholders within this particular let on realize that it was in their best inte succour to accept the Washington consensus even with its tacit take aim of drawbacks. ... cit direct of understanding with respect to introduction affairs, international relations, and political theory will necessarily be engaged and hopefully understood (Arestis, 2004). History/Background Firstly, before delving into the ultimate rationale behind why so many Latin American countries chose to integrate so fully and completely with Washington consensus, it must be understood that key macro economic factors throughout Latin America provoked and invoked a level of greater cooperation and willingness to attempt a different approach than might have been realized that any different point in history (Babb, 2013). By the time of the 1980s, Latin America, in addition to much of the rest of the world, was stil l reeling from the economic repercussions of the global malaise that had existed for almost a decade during the mid-seventies. Whereas the unify States, and the rest of the world for that matter, felt the impact of the drastic increase in fuel costs that took place during the late 1970s and early 1980s, the impact that this had upon evolution nations were even more profound (Duncan, 2003). This stands to reason due to the fact that the United States and other developed nations had a level of wealth that could be leveraged against a sudden price variance with respect to a inelastic demand. What ultimately prompted the oil crisis during the 1970s had to do with the rising levels of debt, inaccessibility of remote credit, and a restriction in global trade (Ruckert, 2006). Whereas the fuel crisis of the 1970s and early 1980s was of row of relevance, it must further be understood that this particular issue was a significant impact with regards to developing nations around the world especially Latin American countries. The rationale behind this is due to the fact that Latin