"This book takes a new approach to a question central to comparative politics and economics. Why do some leaders of fragile democracies attain political success - culminating in reelection victories - when pursuing drastic, painful economic reforms while others see their political careers implode, Kurt Weyland examines, in particular, the surprising willingness of presidents in low Latin American countries to enact daring reforms and the unexpected resultant popular support.

He argues that only with the robust cognitive-psychological insights of prospect theory can one fully account for the twists and turns of politics and economic policy in Argentina, Brazil, Peru, and Venezuela during the 1980s and 1990s."--BOOK JACKET.