A comparison of Latin American and African economic development with an East Asian twist
There are many parallels between the development of Latin America and Sub-Saharan Africa. Recent literature on this is reviewed. It is argued in the paper that the key to long-term development is the shift from inward (import substitution) to outward (export-oriented) growth. This shift involves both tariff reduction and significant investment in infrastructure and human capital accumulation. Given that much of Latin America (historically) and Sub-Saharan Africa (currently) has depended or depends on trade taxes for revenue, an outward orientation poses a significant fiscal problem, which makes it extremely difficult to switch to an export-oriented growth path. East Asian experience points to the importance of broad-based agricultural growth in making the fiscal transition. Copyright © 2010 The Author. Journal compilation © 2010 Crawford School of Economics and Government, The Australian National University and Blackwell Publishing Asia Pty Ltd..
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Volume (Year): 24 (2010)
Issue (Month): 2 (November)
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