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Growth models and comparative political economy in Latin America
[Modèles de croissance et économie politique comparée en Amérique latine]

Author

Listed:
  • Nikolas Passos
  • Guilherme Spinato Morlin

Abstract

The paper analyses the growth models of Argentina, Bolivia, Brazil, Chile, and Mexico since 1996. We depart from the typology proposed by Bizberg (2019) and apply a growth decomposition based on the Sraffian supermultiplier (Freitas & Dweck, 2013). We argue that the growth models perspective, introduced by Baccaro and Pontusson (2016), contributes to understanding the diversities of capitalism in Latin America. We find that the commodities boom oriented the countries towards export-led growth models, especially in Bolivia, Chile, and Mexico. Brazil and Argentina presented a hybrid growth model, with higher household consumption and government expenditure, along with exports growth. After the commodities boom, the export-led model was no longer feasible for commodity exporters. Mexico sustained the existing model, based on low-value-added manufacturing exports. Brazil and Argentina reduced public expenditures, generating economic stagnation. Chile and Bolivia increased public expenditure, sustaining growth at a slower pace. This work extends the growth models perspective to emerging countries, integrating with former discussions on the Latin American political economy. It also highlights how the growth models evolved in tandem with changing international conditions. Finally, the paper opens a research agenda for the political economy of stagnation in Latin American economies.

Suggested Citation

  • Nikolas Passos & Guilherme Spinato Morlin, 2022. "Growth models and comparative political economy in Latin America [Modèles de croissance et économie politique comparée en Amérique latine]," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 33.
  • Handle: RePEc:rvr:journl:2022:21444
    DOI: https://doi.org/10.4000/regulation.21444
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    Citations

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    Cited by:

    1. Campana, Juan Manuel & Emboava Vaz, João & Hein, Eckhard & Jungmann, Benjamin, 2022. "Demand and growth regimes of the BRICs countries," IPE Working Papers 197/2022, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    2. Benjamin Jungmann, 2023. "Growth drivers in emerging capitalist economies: building blocks for a post-Keynesian analysis and an empirical exploration of the years before and after the Global Financial Crisis," Review of Evolutionary Political Economy, Springer, vol. 4(2), pages 349-386, July.

    More about this item

    Keywords

    Latin America; comparative political economy; growth model; supermultiplier; export-led growth; state-led growth;
    All these keywords.

    JEL classification:

    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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