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On the Costs of Inward-Looking Development: Price Distortions, Growth, and Divergence in Latin America

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Author Info
Taylor, Alan M.

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Abstract

From the 1930s to the 1980s, economic policies in Latin America epitomized the inward-looking model of development. The model emerged in the Depression, and was later codified in unorthodox economic theories. Even though economic performance was seen as disappointing by the 1960s, the distortions persisted and worsened into the 1970s and 1980s. This article examines the costs of distortions and explores the structural differences between growth dynamics in Latin America and elsewhere. Distortions had profound effects on many aspects of the growth process, help explain divergent development, and raise important questions about economic growth and the evolution of institutions.

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File URL: http://journals.cambridge.org/abstract_S0022050700019860
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Publisher Info
Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 58 (1998)
Issue (Month): 01 (March)
Pages: 1-28
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:cup:jechis:v:58:y:1998:i:01:p:1-28_01

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  2. Khan, haider, 2008. "Analyzing Poverty Impact of Trade Liberalization Policies in CGE Models: Theory and Some Policy Experiments in Agricultural and Non-agricultural Sectors in South Asia," MPRA Paper 7609, University Library of Munich, Germany, revised Mar 2008. [Downloadable!]
  3. Leandro Prados de la Escosura & Isabel Sanz-Villarroya, 2004. "Institutional Instability And Growth In Argentina: A Long-Run View," Working Papers in Economic History wh046705, Universidad Carlos III, Departamento de Historia Económica e Instituciones. [Downloadable!]
  4. Alan M. Taylor, 1999. "Latin America and Foreign Capital in the Twentieth Century: Economics, Politics, and Institutional Change," NBER Working Papers 7394, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Alberto Chong & Luisa Zanforlin, 2001. "Políticas de orientación interna, instituciones, autócratas y crecimiento económico en América Latina: un análisis empírico," RES Working Papers 4256, Inter-American Development Bank, Research Department. [Downloadable!]
  6. Chang-Tai Hsieh & Peter J. Klenow, 2003. "Relative prices and relative prosperity," Proceedings, Federal Reserve Bank of San Francisco, issue Nov. [Downloadable!]
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  7. Rodrigo Fuentes & Roberto Álvarez, 2006. "Paths of Development, Specialization, and Natural Resources Abundance," Working Papers Central Bank of Chile 383, Central Bank of Chile. [Downloadable!]
  8. Ferreira, Pedro Cavalcanti Gomes & Trejos, Alberto, 2001. "On the Long Run Effects of Barriers to Trade," Economics Working Papers (Ensaios Economicos da EPGE) 436, Graduate School of Economics, Getulio Vargas Foundation (Brazil). [Downloadable!]
  9. Daron Acemoglu & Simon Johnson & James Robinson & Yunyong Thaicharoen, 2002. "Institutional Causes, Macroeconomic Symptoms: Volatility, Crises and Growth," NBER Working Papers 9124, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  10. Rossi Junior, José Luiz & Ferreira, Pedro Cavalcanti Gomes, 1999. "Trade Barriers and Productivity Growth: Cross-Industry Evidence," Economics Working Papers (Ensaios Economicos da EPGE) 343, Graduate School of Economics, Getulio Vargas Foundation (Brazil). [Downloadable!]
  11. Alan M. Taylor, 1997. "Argentina and the World Capital Market: Saving, Investment, and International Capital Mobility in the Twentieth Century," NBER Working Papers 6302, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  12. Alberto Chong & Luisa Zanforlin, 2001. "Inward-Looking Policies, Institutions, Autocrats, and Economic Growth in Latin America: An Empirical Exploration," RES Working Papers 4255, Inter-American Development Bank, Research Department. [Downloadable!]
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  13. Michael A. Clemens & Jeffrey G. Williamson, 2002. "Closed Jaguar, Open Dragon: Comparing Tariffs in Latin America and Asia before World War II," NBER Working Papers 9401, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  14. Ian Keay, 2007. "Resource Rents and their Impact on Institutional and Economic Development," Working Papers 1143, Queen's University, Department of Economics. [Downloadable!]
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  16. Sebastian Edwards & Gerardo Esquivel & Graciela Márquez, 2007. "Introduction to "The Decline of Latin American Economies: Growth, Institutions, and Crises"," NBER Chapters, in: The Decline of Latin American Economies: Growth, Institutions, and Crises, pages 1-14 National Bureau of Economic Research, Inc. [Downloadable!]
  17. César Calderón & Alberto Chong, 2006. "Rent Seeking and Democracy in Latin America: What Drives What?," RES Working Papers 4435, Inter-American Development Bank, Research Department. [Downloadable!]
  18. Leandro Prados de la Escosura, 2005. "Growth, Inequality, And Poverty In Latin America: Historical Evidence, Controlled Conjectures," Working Papers in Economic History wh054104, Universidad Carlos III, Departamento de Historia Económica e Instituciones. [Downloadable!]
  19. Pablo Astorga, 2009. "A Century of Economic Growth in Latin America," Oxford University Economic and Social History Series _075, Economics Group, Nuffield College, University of Oxford. [Downloadable!]
  20. Joerg Baten, 2002. "Did Partial Globalization Increase Inequality? Did Inequality Stimulate Globalization Backlash? The case of the Latin American Periphery, 1950-80," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  21. Renato Colistete, 2003. "Was import-substituting industrialisation in Brazil a failure? Evidence from the technological structure of exports, 1945-1973," Anais do V Congresso Brasileiro de História Econômica e 6ª Conferência Internacional de História de Empresas [Proceedings of the 5th Brazilian Congress of Economic History and the 6th Internation 069, ABPHE - Associação Brasileira de Pesquisadores em História Econômica (Brazilian Economic History Society). [Downloadable!]
  22. César Calderón & Alberto Chong, 2006. "Búsqueda de rentas y democracia en América Latina: ¿Qué impulsa a qué?," RES Working Papers 4436, Inter-American Development Bank, Research Department. [Downloadable!]
  23. Mbatha, C. Nhlanhla & Charalambides, Nick, 2008. "What is really in the economic partnership agreements for the Southern African region? A perspective from Botswana’s beef export markets," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 47(4), December. [Downloadable!]
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