No region of the world had gone further to adopt these (trade and investment liberalization policies, often called the “Washington Consensus”) reforms, and yet, while promoters argued this would lead to prosperity, Latin America has experienced rising poverty and inequality. The World Bank estimates that the number of Latin Americans living on less then $2 per day increased from 99 million in 1981 to 128 million in 2001. According to the United Nations, the gap between rich and poor has continued to grow and Latin America has the most unequal wealth distribution of any region in the world.
Latin America was followed by China, and then India, in the enthusiastic, if not blind, pursuit of neo- liberal policies, China a decade after Latin America and India a decade after China. One cannot but help see similar developments taking shape in these countries, albiet manifested differently, in these countries in the near future.
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