This paper uses the critical junctures framework developed by Hogan and Doyle (2007) to determine if there
were critical junctures in privatization policy in Brazil and Argentina at the start of the 21st century. The framework
constitutes a rigorous approach to the identification of crisis, ideational change, and policy change. It is used to examine
the economic disasters in Brazil in 1999 and Argentina in 2001. Previously, we would have had to wait decades before
making such an assessment, as there were few tools with which to identify critical junctures, and these were usually only
effective long after the event.