Growth Employment and Equity

<DIV>A Brookings Institution Press and Economic Commission for Latin America and the Caribbean (ECLAC) publication<BR /><BR />In the last ten to fifteen years the Latin American and Caribbean region has undergone the most significant transformation of economic policy since World War II. Through a series of structural reforms an increasing number of countries have moved from closed state-dominated economies to ones that are more market oriented and open to the rest of the world. Policymakers expected that these changes in conjunction with lower rates of inflation and increased spending in the social area would speed up economic growth increase productivity and lead to the creation of more jobs and greater equality. Have those expectations been fulfilled? Analyzing the impact of the reforms in nine countries (Argentina Bolivia Brazil Chile Colombia Costa Rica Jamaica Mexico Peru) this study provides a detailed picture of progress to date. At the overall regional level the book suggests the reforms have had a surprisingly small impact: a small positive impact on investment and growth and a small negative impact on employment and income distribution. But at the country sectoral and microeconomic levels it finds evidence of strong effects with some units doing very well and others falling behind.<BR /></DIV>