By Shahid Javed Burki
There has been the industrial improvement "miracle" within the East Asia quarter, then the nice crash. within the Latin American and Caribbean area, there stay query marks, little elevated development, and no "miracle" in sight. Given the chance to monitor either one of those areas first quit a 25-year interval, Shahid Javed Burki, relates his observations, perceptions, and comparisons of those different rising economies. As he departs the realm financial institution, Mr. Burki leaves this contribution to the shop of financial institution wisdom for destiny reference. it really is either a certified and private narrative of 2 dynamic areas present process large swap. Mr. Burki stocks his specified perception into those economies and his personal altering perceptions in the course of his paintings within the Latin American and Caribbean sector.
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Extra info for Changing perceptions and altered reality: emerging economies in the 1990s, Page 428
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See Chapter 1 for an overview of how I saw the Latin America and Caribbean Region when I joined it, and how my perceptions changed over time. Page 24 existed. These and several other issues were challenges of development that the World Bank needed to address. Our job was not done. The conclusion that development work in the region was not even close to being finished was reinforced by the Mexican peso crisis of December 1994, when suddenly and unexpectedly one of the strongest countries in the area was thrown into chaos.
This section also includes a speech I gave in Pakistan on poverty in that country. It is included in this volume to underscore an important point: unless policymakers are vigilant, even when it is reduced significantly, as was the case in Pakistan, poverty can return with a vengeance. The third section includes a number of speeches on various aspects of globalization. My emphasis in dealing with this subject was on three questions: what was meant by globalization, how did it affect the developing world, and was it possible to control the volatility associated with it by devising something called a new financial architecture.
Burki, Shahid Javed, and Guillermo E. Perry. Beyond the Washington Consensus: Institutions Matter. , 1998. 8. Urban Poverty Workshop, May 1416, 1998, Rio de Janeiro. Page 14 II. How my perceptions about the LAC Region changed As discussed in the previous section, a great deal of my initial perception about the Latin America and the Caribbean Region was formed by a comparison I made with the situation I had left behind in East Asia. It was inevitable that my reading of the region would change as my understanding of it deepened.