The macro- and microeconomics of natural-resource-based growth

After enduring sluggish growth in the 1980s, which led to heavy drops in gross domestic product (GDP) in the aftermath of the 1982 Mexican moratorium, a sharp downturn in employment and social equity, and considerable destruction of industrial and technological capacity —caused by the unthinking manner in which several governments opened and deregulated the economy following the precepts of the Washington Consensus— the Latin America countries experienced an uneven but encouraging upturn in the 1990s and 2000s.

Related Subject(s): Economic and Social Development