A writer and publisher who taught at Harvard University for decades, Dr. Jorge I. Dominguez focuses on international trade and politics, with an emphasis on Cuba and Latin America. A distinct area of knowledge for Dr. Jorge I. Dominguez is economic relations across the region, and he maintains a strong interest in Latin American policy developments.
As explored in a JD Supra article, the “Washington Consensus” defined the U.S. approach to Latin American relations in the 1980s and early 1990s. This brought focus to macroeconomic discipline and reorienting markets to meet international demand, while limiting the effects of inflation. Reforms recommended in tandem with institutions such as the World Bank and International Monetary Fund spanned tax reform, public expenditures, interest rate liberalization, and competitive exchange rates. In addition, the legal security associated with strong property rights was emphasized. Today, the emerging view is that the Washington Consensus was at least partly a failure. It did not consistently boost economic growth, and it often failed to make a dent in persistently high poverty and employment rates. Even the seven years in the 1990s, in which substantial growth did occur, were bedeviled by recession and stagnation. One major issue has been a lack of equity, with Washington Consensus policies seen as only benefiting a few, instead of the general populace. Moving forward, policy experts are looking at deepening economic cooperation in ways that go beyond narrow development objectives that emphasize developing countries simply increasing GDP.
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AuthorJorge Dominguez - Doctor of Political Science. Archives
November 2021
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