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Kaldor on the 'Discreet Charm' of the Chilean Bourgeoisie

José Gabriel Palma () and Mario Marcel ()

Cambridge Journal of Economics, 1989, vol. 13, issue 1, 245-72

Abstract: This article discusses Nicholas Kaldor's 1956 paper on Chile and its relevance today. Kaldor concludes that the main obstacle to Chile's development is neither natural, technical, nor economic, but political. He identified the low rate of accumulation as the basic problem due not to scarcity of investible resources, but to low investment by the property-owning class (the proportion of after-tax profits ploughed back into investment was 15 percent while the United Kingdom's was 60 percent). Kaldor proposed higher taxation of profits and an effective public investment program. Copyright 1989 by Oxford University Press.

Date: 1989
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Handle: RePEc:oup:cambje:v:13:y:1989:i:1:p:245-72