Considering the specific experiences of Chile and Argentina, this study undertakes the analysis of economic liberalization policies from a "credibility constraint" perspective. Building on the assumption that, in a context interdependence, one of the essential conditions for economic development is the attraction of foreign capital, it suggests that confidence-seeking is a major concern constraining the rest of the government's activities. From these premises, the thesis addresses the socio-political consequences of this quest for credibility and provides an analysis of these criteria's compatibility with democratic and authoritarian rule. In this endeavor, the project relies on a comparative observation of four case studies to establish that notwithstanding regime type, the success of economic liberalization depends primarily on the satisfaction of the socio-political requirements for credibility. The results are clear: both types of regimes are in a position to fulfill these requirements although this may have considerable consequences on the economic well-being of substantial sections of the population.

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