Economic Growth under Alternative Development Strategies: Latin America from the 1940s to the 1990s

Andrés Solimano

Chapter 11 in New Theories in Growth and Development, 1998, pp 270-291 from Palgrave Macmillan

Abstract: Abstract State dirigisme and import substitution provided the engine for growth in Latin America from the 1940s to the late 1970s. Although the growth performance of the region was respectable in that period, with annual growth of around 5 per cent, the development model started to run out of steam in the 1970s and definitely collapsed in the 1980s under the pressure of the debt crisis and growing macroeconomic instability. Under these circumstances, governments altered their development strategies in the direction of opening up their economies, reducing the role of the state; and deregulating activities previously precluded for the private sector.

Keywords: Total Factor Productivity; Real Exchange Rate; Real Interest Rate; Structural Reform; Total Factor Productivity Growth (search for similar items in EconPapers)
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-26270-0_11

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DOI: 10.1007/978-1-349-26270-0_11

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