The Economic History of Latin America since Independence (Cambridge Latin American Studies)

This book covers the economic history of Latin America from independence in the 1820s to the present. It stresses the differences between Latin American countries while recognizing the similar external influences to which the region has been subject. Victor Bulmer-Thomas notes the failure of the region to close the gap in living standards between it and the United States and explores the reasons. He also examines the new paradigm taking shape in Latin America since the debt crisis of the 1980s and asks whether this new economic model will be able to bring the growth and equity that the region desperately needs. First Edition Hb (1995): 0-521-36329-2 First Edition Pb (1995): 0-521-36872-3 Cover......Page 1 Half-title......Page 3 Series-title......Page 4 Title......Page 7 Copyright......Page 8 Dedication......Page 9 Contents......Page 11 Tables......Page 15 Figures......Page 17 Maps......Page 18 Preface to the second edition......Page 19 Preface......Page 21 Abbreviations......Page 23 1 Latin American economic development: an overview......Page 25 2 The struggle for national identity from independence to midcentury......Page 43 The colonial legacy......Page 46 The economic consequences of independence......Page 52 The free-trade question......Page 55 The export sector......Page 57 The nonexport economy......Page 62 Regional differences......Page 66 3 The export sector and the world economy, circa 1850–1914......Page 70 World demand and the export-led growth model......Page 74 Export performance......Page 81 Export cycles......Page 93 The pattern of external trade......Page 96 The terms of trade and international transport costs......Page 102 4 Export-led growth: the supply side......Page 106 The labor market......Page 108 Land......Page 115 Capital markets......Page 119 Foreign investment......Page 125 The policy context......Page 131 5 Export-led growth and the nonexport economy......Page 141 Domestic-use agriculture......Page 143 Manufacturing and its origins......Page 151 Industry and relative prices......Page 161 Regional differences on the eve of the First World War......Page 170 6 The First World War and its aftermath......Page 176 The collapse of the old order......Page 177 Trade strategies......Page 185 Exchange-rate, financial, and fiscal reform......Page 195 External shocks, relative prices, and the manufacturing sector......Page 204 7 Policy, performance, and structural change in the 1930s......Page 213 The Depression of 1929......Page 215 Short-term stabilization......Page 220 Recovery from the Depression......Page 228 The international environment and the export sector......Page 235 Recovery of the nonexport economy......Page 242 The transition toward inward-looking development......Page 250 8 War and the new international economic order......Page 256 Trade and industry in the Second World War......Page 257 Trade surpluses, fiscal policy, and inflation......Page 266 The postwar dilemma......Page 274 The new international economic order......Page 283 9 Inward-looking development in the postwar period......Page 292 The inward-looking model......Page 294 Outward-looking countries......Page 304 Regional integration......Page 312 Growth, income distribution, and poverty......Page 322 10 New trade strategies and debt-led growth......Page 337 Export promotion......Page 340 Export substitution......Page 347 Primary-export development......Page 354 The state, public enterprise, and capital accumulation......Page 363 Debt-led growth......Page 370 11 Debt, adjustment, and the shift to a new paradigm......Page 377 From debt crisis to debt burden......Page 379 External adjustment......Page 387 Internal adjustment, stabilization, and the exchange-rate problem......Page 396 Growth, equity, and inflation since the debt crisis......Page 406 Latin America and globalization......Page 413 12 Conclusions......Page 416 Exports......Page 435 Colombia......Page 438 El Salvador......Page 439 Nicaragua......Page 440 Venezuela......Page 441 The ratio of exports to GDP......Page 443 The volume of exports......Page 445 APPENDIX 3 Gross domestic product per head, 1913, 1928, 1980, and 2000......Page 447 Chile......Page 450 Ecuador......Page 451 Puerto Rico......Page 452 Venezuela......Page 453 Bibliography......Page 455 Index......Page 485 "Beginning with the integration of Latin America into the world trading system centered on Europe and North America during the century before 1930, this book explores the successes and failures of export-led growth. Using new data on exports and a simple model to explore the relationship between exports and growth, the author pays particular attention to the question that has most concerned policy-makers in Latin America: how to transfer growth in the export sector to the rest of the economy, raising living standards and real income per head. The author examines the routes through which Latin American republics extricated themselves from the debt problem in pursuit of a new version of export-led growth. Taking its narrative from the end of the colonial epoch to the present, this book provides a comprehensive balanced portrait of the factors affecting economic development in Latin America."--Publisher description Beginning with the integration of Latin America into the world trading system centered on Europe and North America during the century before 1930, this 2003 book explores the successes and failures of export-led growth. Using new data on exports and a simple model to explore the relationship between exports and growth, the author pays particular attention to the question that has most concerned policy-makers in Latin America: how to transfer growth in the export sector to the rest of the economy, raising living standards and real income per head. The author examines the routes through which Latin American republics extricated themselves from the debt problem in pursuit of a new version of export-led growth. Taking its narrative from the end of the colonial epoch to the present, this book provides a comprehensive balanced portrait of the factors affecting economic development in Latin America.

This book covers the economic history of Latin America from independence in the 1820s to the present. It stresses the differences between Latin American countries while recognizing the similar external influences to which the region has been subject. Victor Bulmer-Thomas notes the failure of the region to close the gap in living standards between it and the United States and explores the reasons. He also examines the new paradigm taking shape in Latin America since the debt crisis of the 1980s and asks whether this new economic model will be able to bring the growth and equity that the region desperately needs. First Edition Hb (1995): 0-521-36329-2 First Edition Pb (1995): 0-521-36872-3

Beginning with the integration of Latin America into the world trading system centered on Europe and North America before 1930, this book takes its narrative from the end of the colonial epoch to the present, and provides a comprehensive balanced portrait of the factors affecting economic development in Latin America The expression "Latin America," whose origin is still hotly disputed, at first had little more than geographical significant - it referred to all those independent countries south of the Rio Grande in which a language derived from Latin (e.g., Spanish, Portuguese, and French) was predominantly spoken.