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date: 04 December 2020

Abstract and Keywords

The second section of this chapter presents the structuralist centre–periphery theory, a device to discuss the features that distinguish the Latin American economies (the periphery) from the developed ones (the centre). Structuralism provides a good account of the macrodynamics of technology, specialization, and relative economic growth. However, it lacks a theory of the microeconomics of learning and the accumulation of technological capabilities supporting this macrodynamics. This chapter argues that the Schumpeterian evolutionary school offers such micro-foundations and discusses the various channels linking the Schumpeterian micro with the structuralist macro. The third section discusses the growth trajectory of Latin America in the postwar period from a structuralist-Schumpeterian perspective, relating the accumulation of TCs to different institutional arrangements and policies. It suggests that the arrangements were unfavourable to learning and structural change, and discusses why the region remained in a hysteresis state after the early 1980s.

Keywords: centre–periphery theory, Latin America, Schumpeterian micro, structuralism, technological capability

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