Book contents
- Capitalism and Development
- Capitalism and Development
- Copyright page
- Contents
- Preface
- Acknowledgments
- 1 The Populist Gamble
- 2 The Growth Dilemma
- 3 Illusions Shattered
- 4 Locked in Stagnation
- 5 The State as an Architect of Progress
- 6 The Urban Paradox
- 7 Building Prosperity
- 8 Global Justice
- 9 Human Capital
- 10 Corporate Titans
- 11 The Path Forward
- Appendix
- Bibliography
- Index
3 - Illusions Shattered
Socialism’s Promise, Populism’s Chaos, and Liberal Hope
Published online by Cambridge University Press: 09 July 2026
Book contents
- Capitalism and Development
- Capitalism and Development
- Copyright page
- Contents
- Preface
- Acknowledgments
- 1 The Populist Gamble
- 2 The Growth Dilemma
- 3 Illusions Shattered
- 4 Locked in Stagnation
- 5 The State as an Architect of Progress
- 6 The Urban Paradox
- 7 Building Prosperity
- 8 Global Justice
- 9 Human Capital
- 10 Corporate Titans
- 11 The Path Forward
- Appendix
- Bibliography
- Index
Summary
This chapter critiques competing ideologies – socialism, populism, and liberalism – and their impacts on development. It revisits dependency theory, institutional economics, and recent policy experiments in Latin America. While state-led models expanded access and welfare, they often fostered dependency and inefficiency. A reformed liberalism, focused on inclusion, accountability, and strategic intervention, emerges as a viable path forward.
Information
- Type
- Chapter
- Information
- Capitalism and DevelopmentSteering Markets Toward Fairness, pp. 64 - 79Publisher: Cambridge University PressPrint publication year: 2026
Accessibility standard: WCAG 2.2 AAA
Why this information is here
This section outlines the accessibility features of this content - including support for screen readers, full keyboard navigation and high-contrast display options. This may not be relevant for you.Accessibility Information
The HTML of this chapter
complies with version 2.2 of the
Web Content Accessibility Guidelines
(WCAG), offering more comprehensive accessibility measures for a broad range
of users and attains the highest
(AAA)
level of WCAG compliance, optimising the user experience by meeting the most extensive
accessibility guidelines.
Content Navigation
Table of contents navigation
Allows you to navigate directly to chapters, sections, or non‐text items through a linked table of contents, reducing the need for extensive scrolling.
Allows you to navigate directly to chapters, sections, or non‐text items through a linked table of contents, reducing the need for extensive scrolling.
Index navigation
Provides an interactive index, letting you go straight to where a term or subject appears in the text without manual searching.
Provides an interactive index, letting you go straight to where a term or subject appears in the text without manual searching.
Reading Order & Textual Equivalents
Single logical reading order
You will encounter all content (including footnotes, captions, etc.) in a clear, sequential flow, making it easier to follow with assistive tools like screen readers.
You will encounter all content (including footnotes, captions, etc.) in a clear, sequential flow, making it easier to follow with assistive tools like screen readers.
Short alternative textual descriptions
You get concise descriptions (for images, charts, or media clips), ensuring you do not miss crucial information when visual or audio elements are not accessible.
You get concise descriptions (for images, charts, or media clips), ensuring you do not miss crucial information when visual or audio elements are not accessible.
Visualised data also available as non-graphical data
You can access graphs or charts in a text or tabular format, so you are not excluded if you cannot process visual displays.
You can access graphs or charts in a text or tabular format, so you are not excluded if you cannot process visual displays.
Visual Accessibility
Use of high contrast between text and background colour
You benefit from high‐contrast text, which improves legibility if you have low vision or if you are reading in less‐than‐ideal lighting conditions.
You benefit from high‐contrast text, which improves legibility if you have low vision or if you are reading in less‐than‐ideal lighting conditions.