- Figures (and map)
- Shifting Paradigms in Latin America's Economic Development
- Institutions and the Historical Roots of Latin American Divergence
- Political Institutions, Policymaking, and Economic Policy in Latin America
- The Washington Consensus: Assessing A “damaged Brand”
- From Old to New Developmentalism in Latin America
- Environmental Sustainability
- Taming Capital Account Shocks: Managing Booms and Busts
- Exchange Rate Regimes in Latin America
- Monetary Policy in Latin America: Performance Under Crisis and the Challenges of Exuberance
- Domestic Financial Development in Latin America
- Fiscal Policy in Latin America
- Fiscal Legitimacy, Inequalities, and Democratic Consolidation in Latin America
- Latin America in the World Trade System
- Regional Integration
- The Effects of Trade Liberalization on Growth, Employment, and Wages
- The Recent Commodity Price Boom and Latin American Growth: More than New Bottles for an Old Wine?
- Curse or Blessing? Natural Resources and Human Development
- Foreign Direct Investment in Latin America
- China and the Future of Latin American Economic Development
- Latin America in the Recent Wave of International Migration
- Structural Transformation and Economic Growth in Latin America
- Learning, Technological Capabilities, and Structural Dynamics
- Why Has Productivity Growth Stagnated in Most Latin American Countries Since the Neo-Liberal Reforms?
- Agricultural and Rural Development
- An Energy Panorama of Latin America
- Infrastructure in Latin America
- The Rise and Fall of Income Inequality in Latin America
- Multidimensional Poverty in Latin America: Concept, Measurement, and Policy
- Economic Insecurity and Development in Latin America and the Caribbean
- Employment: The Dominance of the Informal Economy
- Latin American Labor Reforms: Evaluating Risk and Security
- Social Protection in Latin America: Achievements and Limitations
- Social Security Reforms in Latin America
Abstract and Keywords
This chapter analyses the central features of shifting paradigms in Latin America, presents an overall evaluation of the development outcomes, and describes state-led industrialization, a concept that expands upon the more traditional concept of Import Substitution Industrialization. This paradigm was replaced during the 1970s in a few countries and the mid-1980s in the rest of the region by another that placed markets and integration at the centre of the world economy. The economic literature is full of caricatures of both paradigms. Following terminology that was common in Latin American structuralism in the past but has actually become quite fashionable in other schools of thought in recent years, the chapter refers to the industrial countries as the ‘centre’ and developing countries as the ‘periphery’ of the world economy.
José Antonio Ocampo is Professor at the School of International and Public Affairs (SIPA) and Member of the Committee on Global Thought at Columbia University, New York.
Jaime Ros is Professor of Economics at the Universidad Nacional Autónama de México.
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