Lessons from Latin America's neo‐liberal experiment: An overview of labour and social policies since the 1980s

Introducing the six country studies that follow, this analytical overview shows that the social and labour policies inspired by the Washington Consensus – implemented across much of Latin America in the 1980s and 1990s – consistently failed to deliver the expected improvements. Labour flexibilization, decentralization of collective bargaining, pension privatization and other measures to increase market provision of welfare typically resulted in growing informality, widening inequalities and shrinking social protection coverage, while also failing to stimulate employment growth. But the lessons have been learned: many such policies have recently been reconsidered and there are signs that a more balanced policy approach may be emerging in Latin America.