It is by now conventional wisdom to say that, while the countries of Latin America have improved their economic performance over the past few years, the majority of their populations have suffered a reversal in their standards of living compared to, let us say, 1980. After the protracted recession and acute macroeconomic disequilibria which was experienced by almost all the countries during the first half of the 1980s, many are staging a recovery in the 1990s. On the positive side, some of the indicators most frequently cited include the resumption of growth (albeit at moderate rates), greater financial stability, an increasingly diversified export sector, and political democratization. On the negative side, one finds inevitable mention of the following: inequitable distribution of income, a high incidence of absolute poverty, and the social tensions that tend to accompany them.