Neoliberalism in Latin America and Africa

Abstract This chapter explores the influence of the Washington Consensus in shaping neoliberal policies in Latin America and Africa. From the perspective of the IMF or the World Bank, market-oriented reform in this region was needed to produce sustained economic growth. To that end, they linked their financial assistance to ‘structural adjustment programmes’ anchored in one-size-fits-all economic prescriptions. However, not all markets 'work' in exactly the same way and according to the same rules. In many instances, the neoliberal remedies applied to Latin America and Africa were microeconomic strategies that failed to account for the unique social, political, and cultural contexts in which they were enforced.