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Kaldor on the 'Discreet Charm' of the Chilean Bourgeoisie

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  • Palma, J Gabriel
  • Marcel, Mario

Abstract

This article discusses Nicholas Kaldor's 1956 paper on Chile and its relevance today. Kaldor concludes that the main obstacle to Chile's development is neither natural, technical, nor economic, but political. He identified the low rate of accumulation as the basic problem due not to scarcity of investible resources, but to low investment by the property-owning class (the proportion of after-tax profits ploughed back into investment was 15 percent while the United Kingdom's was 60 percent). Kaldor proposed higher taxation of profits and an effective public investment program. Copyright 1989 by Oxford University Press.

Suggested Citation

  • Palma, J Gabriel & Marcel, Mario, 1989. "Kaldor on the 'Discreet Charm' of the Chilean Bourgeoisie," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 13(1), pages 245-272, March.
    • Handle: RePEc:oup:cambje:v:13:y:1989:i:1:p:245-72
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    Cited by:

    1. José Gabriel Palma & Joseph E. Stiglitz, 2016. "Do Nations Just Get the Inequality They Deserve? The “Palma Ratio” Re-examined," International Economic Association Series, in: Kaushik Basu & Joseph E. Stiglitz (ed.), Inequality and Growth: Patterns and Policy, chapter 2, pages 35-97, Palgrave Macmillan.
    2. Andre Roncaglia De Carvalho, 2016. "Anticipations Of The Kaldor-Pazos-Simonsen Mechanism," Anais do XLIII Encontro Nacional de Economia [Proceedings of the 43rd Brazilian Economics Meeting] 008, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    3. Esteban Pérez Caldentey & Matías Vernengo, 2016. "Reading Keynes in Buenos Aires: Prebisch and the Dynamics of Capitalism," Cambridge Journal of Economics, Oxford University Press, vol. 40(6), pages 1725-1741.
    4. Palma, J. G., 2019. "The Chilean economy since the return to democracy in 1990. On how to get an emerging economy growing, and then sink slowly into the quicksand of a “middle-income trap”," Cambridge Working Papers in Economics 1991, Faculty of Economics, University of Cambridge.
    5. José Gabriel Palma, 2014. "Latin America's socail imagination since 1950. From one type of 'absolute certainties' to another - with no (far more creative)'uncomfortable uncertainties' in sight," Cambridge Working Papers in Economics 1416, Faculty of Economics, University of Cambridge.
    6. Giuliano Toshiro Yajima, 2022. "Chile: The road to joy is paved with obstacles," PSL Quarterly Review, Economia civile, vol. 75(302), pages 285-297.

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