The Price of the Regeneration: How Colombia Missed the Belle-Époque, 1870–1914

Ivan Luzardo-Luna ()
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Ivan Luzardo-Luna: London School of Economics and Political Science

Chapter Chapter 2 in Colombia’s Slow Economic Growth, 2019, pp 11-37 from Palgrave Macmillan

Abstract: Abstract The Belle-Époque (1870–1914) was a period of great prosperity for those economies which incorporated steam technology into their national economies. The main way in which steam enhanced progress at that time was through the railways, which allowed the consolidation of an export-led economic growth model. In this period, Colombia missed a golden opportunity for its economic take-off. Unlike Argentina, Colombia’s real GDP per capita remained stagnant throughout the late nineteenth century. The former country was able to build an extensive railway network, while the latter increased its kilometres of railways very slowly, which determined its poor export growth. Colombia’s incapability to build railways was due to the fact that it could not attract foreign investors, as the government’s lack of commitment in honouring the external debt.

Keywords: Export-led growth; Steam; Railways; External debt; Argentina (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palscp:978-3-030-25755-2_2

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DOI: 10.1007/978-3-030-25755-2_2

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