Neoliberalism, Neoclassicism, and Economic Welfare

The object of this paper is to examine the theory that justified these policies, describe an alternative approach that argues they were ill-advised, and take a brief look at a small group of Latin American countries in the aftermath of the Mexican Crisis. It will be shown that not only does the alternative view raise serious doubts about the efficacy of Neoliberalism, but that those countries that refused to follow suit were better protected against contagion after the December Mistake.