National Public Radio quotes CGD President Nancy Birdsall on Latin American financial-markets.
From the article:
"Brazil, Chile and Ecuador experienced sharp financial crises in the 1980s and '90s, and in response, they implemented policies to bring more stability to their economies. Some free-market ideologues criticized them.
But Nancy Birdsall, president of the Center for Global Development, says those governments were acting wisely.
'They did stick with more emphasis on regulation as a result of being burned during the crises of the '80s and the '90s,' she says. 'So they learned the lesson that both the markets and the regulatory authorities in the U.S. had not learned in the past 30, 40, 50 years.' The lesson being that markets left entirely on their own don't always work in a country's best interests."
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