Abstract
Jon V. Kofas analyzes the impact of the "austere monetary, fiscal, and trade policies that the International Monetary Fund (IMF), the World Bank, and the U.S. government" imposed on Colombia and Chile between 1950 and 1970. His case studies substantiate the general conclusion that, despite claims that free market reforms and austerity measures would promote economic development and improve the general standard of living, "the record of the past fifty years clearly indicates that has not ben the case for the underdeveloped countries" (p. xi). (cont.)