The financial and economic crisis of 2008 and its repercussions on economic thought

The financial and economic crisis of 2008 had multipleconsequences in Latin American and Caribbean countries. It disruptedeconomic performance and called into question the paradigms that hadsteered economic policy in most countries; and it also exacerbatedthe growing divergences in points of view that were emerging beforethe crisis, some of which are ideological, while others reflect differentapproaches to economic strategies. The differentiating factors include:the role of the State and its relation to the market; and the nature andscope of participation in the global economy. This article addresses someof these divergences, the tensions they generate, and what the futureholds for cooperation within Latin America. It also points out that in thisnew scenario, characterized by some perplexity, issues inherent to thework of ECLAC are clearly emerging.