two decades of structural adjustment policies further integrated latin american economies with the global economy, without delivering on the promise of renewed rapid growth (stallings and peres, 2000); when growth picked up and debt levels declined during the last decade, much of this was related to commodity exports and to the post-washington consensus policies of newly elected democratic regimes meanwhile, most asian countries escaped the debt crisis, using state intrevention to propel their economies and to integrate with the world economy on their own terms.