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U.s. crisis. much less than expected. that was a critical turning point. >> can i add in, it's seen like leaders like morales, cha vesz, are coming out of nowhere and taking the stage. i want to highlight there's a trajectory from the debt protests, protesting these austerity policies to formations of larger movements and coalitions that build so much power through ousting governments and building, larger alliances that they're a very important part of this story of how leaders come into power. >> because there was such organization and activism against these policies that really were brutal o...

They rempresent different experiences. they operate in this framework that has emerged out of the ruins of washington consensus that also being able to control your taxes, control your commodities so it isn't all geared toward keeping the bond markets happy in washington or having the u.s. -- >> although -- >> -- single market, single source of credit. there's been a diversification. there hasn't been a break with the model but a diversification of credit and capital and brazil and venezuela have led. >> lula came in, appointed an orthodox economic team and they imposed austerity. first thing ...

Chavez in venezuela, a country dependent on oil revenue, but there are a lot of -- credit ibs will say and i think even left critics, those looking at it not from an ideological opposition to what chavez was doing but even grounded in the left, look at the economic management and look at the inflation numbers, the massive crime explosion that's happened in caracas to the point where they stopped publishing figure and the budget deficit and real dependence on oil and lack of a kind of -- any sort of export sector and look at that and say, this was not -- this was a failed experiment from econom...

Latest updates on this topic from reliable sources.

Latest updates on this topic from reliable sources.