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Stages of diversification in Latin America

Don Clark and W. Charles Sawyer

Applied Economics Letters, 2014, vol. 21, issue 13, 893-897

Abstract: This article investigates the relationship between sectoral concentration and per capita income over the period 1963 to 2009 for 17 Latin American countries. Results confirm the existence of a U-shaped relationship between sectoral concentration of manufacturing value added and the level of per capita income. Import substitution industrialization policies encouraged excessive sectoral diversification early in the development process. Re-specialization in comparative advantage activities by higher per capita income countries coincided with a shift towards more market-oriented policies. The 'Lost Decade' of macroeconomic turmoil did not disrupt the evolving pattern of sectoral concentration.

Date: 2014
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DOI: 10.1080/13504851.2014.896975

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