Book contents
- The Cambridge Economic History of the Modern World
- The Cambridge Economic Historyof the Modern World
- The Cambridge Economic History of the Modern World
- Copyright page
- Contents
- Figures
- Tables
- Contributors to Volume II
- Introduction to Volume II
- Part I Regional Developments
- 1 North America
- 2 Western Europe
- 3 The Socialist Experiment and Beyond
- 4 Japan
- 5 Economic Changes in China
- 6 From Free Trade to Regulation
- 7 Growth and Globalization Phases in South East Asian Development
- 8 The Middle East
- 9 Latin America
- 10 African Economic Development
- 11 Australia
- Part II Factors Governing Differential Outcomes in the Global Economy
- Index
- References
9 - Latin America
Stalled Catching Up
from Part I - Regional Developments
Published online by Cambridge University Press: 03 June 2021
Book contents
- The Cambridge Economic History of the Modern World
- The Cambridge Economic Historyof the Modern World
- The Cambridge Economic History of the Modern World
- Copyright page
- Contents
- Figures
- Tables
- Contributors to Volume II
- Introduction to Volume II
- Part I Regional Developments
- 1 North America
- 2 Western Europe
- 3 The Socialist Experiment and Beyond
- 4 Japan
- 5 Economic Changes in China
- 6 From Free Trade to Regulation
- 7 Growth and Globalization Phases in South East Asian Development
- 8 The Middle East
- 9 Latin America
- 10 African Economic Development
- 11 Australia
- Part II Factors Governing Differential Outcomes in the Global Economy
- Index
- References
Summary
Latin America made considerable progress in living standards between 1870 and 2010 amid rapid modernization and structural change. However, despite these remarkable advances, the income gap between the region and the industrial leaders remains significant. This chapter assesses the long-term performance of Latin America relative to the developed world and discusses the key transformations in Latin America. Excess volatility, poor productivity and high inequality remain essential to explaining why the region has been unable to converge with the industrialized core through advances in human capital, R&D, and infrastructure investment. In order to improve future prospects in standards of living and catching up, the region would need to adopt a development model that delivers sustained and inclusive economic growth. Key elements of this model are a higher rate of investment, a proactive industrial policy, tighter intra-regional integration, and greater redistribution to finance a better quality of education and inclusive social services.
Keywords
- Type
- Chapter
- Information
- The Cambridge Economic History of the Modern World , pp. 251 - 275Publisher: Cambridge University PressPrint publication year: 2021
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