Neoliberalism, Accountability, and Reform Failures in Emerging Markets

Neoliberalism, Accountability, and Reform Failures in Emerging Markets, Volume 1, examines the collapse of the Washington Consensus in developing and postcommunist nations. This political science study analyzes why neoliberal market reforms failed to create stable democracies and economic success in regions like Latin America and Russia. Luigi Manzetti argues that previous assessments focused too heavily on technical flaws or incomplete implementation, ignoring the vital role of political institutions.

Drawing on comparative politics and history, the author demonstrates how the theories of Milton Friedman and Friedrich von Hayek overlooked the necessity of political checks and balances. Through statistical analyses and case studies of Chile, Argentina, and Russia, the text shows how weak accountability leads to corruption and patronage. This work provides a critical perspective on the intersection of economic policy and political governance in South America and beyond.