- 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 notes that commodity exports were a continuing subject of attention and concern well before the contributions of Raul Prebisch and Hans Singer in the postwar period. Countries will have to design their trade policies in accordance with a changing pattern of comparative advantage. Massive intervention designed to modify that reality runs the risk of repeating past import-substituting industrialization all over again. Argentina has been unable to translate its resource richness into a source of continuous advance over the last 50 years. Chile has achieved impressive gains over the last two decades. Venezuela is the third case. Petroleum has not served to underwrite sustained economic growth. Instead, the cyclical heights and depths have reflected themselves in domestic economic instability. Brazil has managed a remarkable transition over this same period. Import substitution has worked to develop a domestic industrial base of significant magnitude and one capable of international competition.
Edmar L. Bacha, Director or the Institute of Economic Policy Studies, Casa das Garças, Rio de Janeiro.
Albert Fishlow is Professor Emeritus of University of California, Berkeley, and Columbia University, New York.
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