Structural Change in the Chilean Economy: The Sectoral Impact of Economic Reforms, 1970–2000

Nola Reinhardt, Wilson Peres and Nelson Correa

Chapter 2 in Structure and Structural Change in the Chilean Economy, 2006, pp 11-34 from Palgrave Macmillan

Abstract: Abstract The economic reforms introduced in the 1970s in Chile, and later in most of the Latin American countries, were expected to generate significant change in economic structure. Proponents of the reforms argued that the interventionist import-substitution policies of the past had created a structure that was distorted in a number of significant ways: resources had been artificially drawn into import-competing activities that were alien to the country’s comparative advantage; resources were being inefficiently managed by the state; and firms were seeking rents rather than increased productivity due to lack of competitive pressures. A return to market- based signals would result in an allocation of productive resources that more closely followed the comparative advantage of the country, resulting in greater efficiency and growth.

Keywords: Productivity Growth; Manufacturing Sector; Latin American Country; Employment Share; Investment Ratio (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-23965-4_2

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DOI: 10.1057/9780230239654_2

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