Alejandro Foxley is no longer with Carnegie.
Alejandro Foxley was a senior associate in the Carnegie International Economics Program, and at the Corporación de Estudios para Latinoamérica (CIEPLAN) in Santiago, Chile.
Before joining Carnegie, Foxley was minister of foreign affairs of the Republic of Chile (2006–2009). Between 1998 and 2006, he was a senator of Chile, serving as chairman of the Finance Committee and the Permanent Joint Budget Committee. Previously, he was also Chile’s minister of finance and concurrently served as a governor of the Inter-American Development Bank and the World Bank (1990–1994).
From 1998 until 2002 Foxley served as a member of the Carnegie Economic Reform Network (CERN), a distinguished group of former ministers and other senior policy makers who played key roles in advancing market-oriented economic reforms in developing and transitional economies.
From 1982 to 1989 he was Helen Kellogg Professor of Economics and International Development at the University of Notre Dame, and between 1973 and 1985 he was a visiting professor at the University of California, San Diego; MIT; Berkeley; Oxford; and the University of Sussex.
Foxley has been honored by the governments of France (L’Ordre Nacional Legion d’Honneur), Peru (Orden Sol del Perú en el grado de Gran Cruz), Austria (Gran Croix de Premier Class), Brazil (“Orden Nacional Cruzeiro do Sol” Gran Cruz), and Spain (Orden al Mérito Civil) for his contributions to the field of economics.
He is a former president and member of the board of directors of Cieplan, a think tank based in Santiago, Chile, and is the author or editor of 15 books on economics, economic development, and democracy.
In order to for middle-income countries to successfully transition into advanced economies, their policymakers should look at the lessons learned by countries that successfully made the jump.
One of the remarkable features of the recent global financial and economic crisis is that few countries resorted to protectionism. What economic and political factors account for the lack of protectionism?
One of the most striking aspects of the global financial crisis has been how often the facts have contradicted what, according to conventional wisdom, was expected to happen.
With global trade talks stalled and lower demand from major economies that were hit hard by the global economic crisis, three regions—Eastern Europe, Latin America, and East Asia—are managing to increase trade within their borders and building a broader free trade system.
As middle-income countries recovering from the global financial crisis face high unemployment and growing government deficits, existing social services will become stressed. Maintaining these safety nets is a vital part of recovery.
The global financial crisis was a result of failures in both the market and state—markets created financial turmoil and regulatory agencies failed to detect risks and correct imbalances. As Latin American countries emerge from the crisis, both the market and state are needed to ensure sustainable growth.
There is no single solution to the financial crisis for middle-income countries, but fundamental labor markets reforms that create high-paying jobs are key to restarting economic growth.