Rethinking Productive Development

Gustavo Crespi, Eduardo Fernández-Arias and Ernesto Stein
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Eduardo Fernández-Arias: University of California
Ernesto Stein: University of California

Chapter 1 in Rethinking Productive Development, 2014, pp 3-31 from Palgrave Macmillan

Abstract: Abstract Latin America and the Caribbean is a middle-income region. The typical country in the region has an income per capita about 25 percent above the typical country in the world, but 80 percent below the income per capita of an advanced country like the United States.1 The region’s relative position is declining: 50 years ago, it was much better off than it is today compared to the rest of the world (ROW), and despite recent strides, it has been unable to converge with respect to the United States (Figure 1.1). Why is the region so much poorer than the advanced countries in the world? Why is the region lagging behind while other parts of the world are catching up with the leaders? And most important, what can the region do about it?

Keywords: Foreign Direct Investment; Productive Development; Total Factor Productivity; Market Failure; Industrial Policy (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1057/9781137393999_1

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