With reference to a particular country case study, critically outline Essay

With reference to a particular country case study, critically outline and assess the key features of neoliberal development policy in that country - Essay Example exican debt of nineteen eighty-two even after adopting adjustments in structures and policies of promotional exports that were inspired by the â€Å"Washington consensus†. The early nineties marked a period of optimistic expectations that the recovery would take place. Despite this, the regional increase of the quantum of export and integration of into a global economy in large-scale made growth in the economy to remain evasive. The growth rate of the regional per capita in the year became 0.43 percent from the year 1980 and 2005. Moreover, this was aggravated by the recent financial crisis in Ecuador. Basing on the prices of raw materials, the recovery is still insufficient to create changes on the pattern. According to â€Å"Washington consensus†, the economic growth must be generated from the exports and its effect on trickling down must lead to the social development. The economic performance of several Latin America countries has been disappointing for the last twenty-five years or so. The years have been marked by stagnation in economy and increase in crisis vulnerability have been made worse with the increase in poverty, increased social inequality and deterioration in the environment (Molyneux 2008, pp.775–797). Ecuador is among the Latin American countries that are  among the less developed with 1.461USD per capita income by the year 2001. This was relative below the average income per capita in the region. Viewing it closer, it reveals Ecuador’s poor performance in the economy even with the regional context that is weak. During the last decades, several countries in Latin America hade export expansion, but relatively small income growth only few country had high economic growth. Ecuador’s primary products composed of bananas, oils, Coffee, shrimps and flowers represent the country’s major exports. The factors that have historically influenced the country such as social, ethnic and regional disparities remain pervasive. The economy of Ecuador is