1945

The debt crisis of the early 1980s brought significant restrictions in both the magnitude and the composition of social spending in the region. Redefining the role of the public sector in the economy was part of wide-ranging structural reforms, as were, inter alia, trade liberalization, opening the economy up to foreign investment, price deregulation, market deregulation, greater labour market flexibility and privatization of public enterprises (ECLAC, 1998).

Related Subject(s): Economic and Social Development
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