NDLI: The Politics of Economic Crisis in Latin America

Content Provider	Springer Nature Link
Author	Wibbels, Erik Roberts, Kenneth
Copyright Year	2010
Abstract	Researchers widely recognize that economic crises have important political consequences, yet there is little systematic research on the political factors that make nations more or less susceptible to economic crisis. Scholars have long debated the economic consequences of party systems, executive powers, and societal interest groups, but their relationships to crisis proclivity are poorly understood. We assess the political correlates of economic crisis using a cross-sectional time-series analysis of 17 Latin American countries over nearly three decades. Crises are measured along two dimensions—depth and duration—and disaggregated into three types: inflationary, GDP, and fiscal crises. Statistical results suggest that political institutions have a modest, and often unexpected, correlation with crises. More important than institutional attributes are social organization and the nature of party-society linkages, particularly the existence of a densely-organized trade union movement and/or a powerful leftist party. Strong unions and powerful parties of the left are associated with more severe economic crises, though there is some evidence that the combination of left-labor strength can alleviate inflationary crises. The results demonstrate the need to disaggregate the concept of economic crisis and incorporate the societal dimension when studying the political economy of crisis and reform.
Starting Page	383
Ending Page	409
Page Count	27
File Format	PDF
ISSN	00393606
Journal	Studies in Comparative International Development
Volume Number	45
Issue Number	4
e-ISSN	19366167
Language	English
Publisher	Springer-Verlag
Publisher Date	2010-10-05
Publisher Place	New York
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Economic crises Political institutions Latin America Market reform Social Sciences
Content Type	Text
Resource Type	Article
Subject	Sociology and Political Science Political Science and International Relations Development

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
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