Columbia International Affairs Online: Working Papers

CIAO DATE: 07/2014

Market Versus State: Postcrisis Economics in Latin America

Alejandro Foxley

November 2009

Carnegie Endowment for International Peace


The global financial crisis was a result of failures in both the market and state—markets created financial turmoil and regulatory agencies failed to detect risks and correct imbalances. As Latin American countries emerge from the crisis, both the market and state are needed to ensure sustainable growth.