Post globalization and reindustrialization in Latin America. The conditionality of industrial policy and “KeynesianEgalitarianism”

Mario Cimoli ()
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Mario Cimoli: Metropolitan Autonomous University (Department of Production and Economy), Mexico; Institute of Economics of the School of Advanced Studies (Sant’Anna, Pisa), Italy

Ensayos Económicos, 2023, vol. 1, issue 82, 6-26

Abstract: In advanced economies, industrial policy was never abandoned and was always a central part of their development strategies. Since the 2008 crisis, the Global North began to abandon the strategy that promoted globalization since the 1980s to recover lost industrial capacity and consolidate leadership in a fragmented global scenario, where industrial policy has become a central pillar of the economic policy agenda. In Latin America industrial policy was on the agenda in some periods, but it always fluctuated between “it is better to do nothing and leave it to the market” and to be “Keynesian with equalizing redistribution”, and there is no perception that the gaps with the Global North will increase. In this work I will focus on the “Equalizing Keynesian” cycle, arguing that industrial policy is a necessary condition to transform the productive structure and reindustrialize the economy and that it is the only enabler to carry out expansive and redistributive policies for greater equity. Without an industrial policy that encourages investment, productivity, diversification and the dissemination of quality jobs, the search for a path to development with equity is an ephemeral proposal.

Keywords: development; equity; globalization; industrialization; industrial policy; Latin America (search for similar items in EconPapers)
JEL-codes: F13 L52 O14 O25 (search for similar items in EconPapers)
Date: 2023
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