ANOTHER CASE OF THE MIDDLE-INCOME TRAP: CHILE, 1900–1939

Juan Pablo Couyoumdjian, Cristian Larroulet Vignau and Diego A. Díaz

Revista de Historia Económica / Journal of Iberian and Latin American Economic History, 2022, vol. 40, issue 1, 5-33

Abstract: This paper studies the evolution of the Chilean economy in the late 19th and early 20th century, a period when the country's convergence with developed countries came to an end. We analyse this problem in the context of the modern literature on the middle-income trap. The social, political and economic history of Chile between 1875 and 1939 is examined and the presence of most of the factors associated with the middle-income trap is found. We complement this narrative through a quantitative analysis based on the synthetic control method and argue that the process of state-led industrialisation undertaken in the country leading to the formation of CORFO was a key economic and political event. Our work presents some general lessons for developing countries facing a similar context.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:cup:reveco:v:40:y:2022:i:1:p:5-33_2

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