Manuel Pastor Jr

The debt crisis in Latin America has rekindled debate about the effects of the IMF's stabilization programs in the Third World. Critics contend that these programs have short-run recessionary impacts and damage prospects for long-term growth. In response, Fund economists point to cross-country studies revealing mixed impacts on growth rates coupled with significant success in achieving the IMF's stated goals: current account and balance-of-payments improvements and inflation rate reduction. Dr. Pastor argues that the traditional growth-oriented critique is theoretically misplaced, and he recasts Fund activities in terms of class and income distribution. Applying the methodology of previous Fund studies, he evaluates the effects of IMF programs in eighteen Latin American countries in the pre-crisis period (1965-1981).

The debt crisis in Latin America has rekindled debate about the effects of the IMF's stabilization programs in the Third World. Critics contend that these programs have short-run recessionary impacts and damage prospects for long-term growth. In response, Fund economists point to cross-country studies revealing mixed impacts on growth rates coupled with significant success in achieving the IMF's stated goals: current account and balance-of-payments improvements and inflation rate reduction. Dr. Pastor argues that the traditional growth-oriented critique is theoretically misplaced, and he recasts Fund activities in terms of class and income distribution. Applying the methodology of previous Fund studies, he evaluates the effects of IMF programs in eighteen Latin American countries in the pre-crisis period (1965-1981).

"A remarkable and timely book. . . . Must reading." William Julius WilsonOffering a new vision of community-based regionalism, this book arrives just as "smart growth" measures and other attempts to link cities and suburbs are beginning to make their mark on the political and analytical scene. The authors make a powerful case for emphasizing equity, arguing that metropolitan areas must reduce poverty in order to grow and that low-income individuals must make regional connections in order to escape poverty. A hard-hitting analysis of Los Angeles demonstrates that the roots of the unrest of 1992 lay in regional economic deterioration and that the recovery was slowed by insufficient attention to the poor. Regions That Work then provides a history and critique of community-development corporations, a statistical analysis of the poverty-growth relationship in seventy-four metro areas, a detailed study of three regions that have produced superior equity outcomes, and a provocative call for new policies and new politics.