Edited by Francisco Rodríguez, Senior Research Fellow, Center for Economic and Policy Research and Faculty Affiliate, Josef Korbel School of Global and Public Affairs, University of Denver, USA

‘A fantastic set of studies on the comparative political economy of Latin America, and an indispensable volume for anyone interested in understanding economic development in a historical context.’

• Contents1 Introduction: why is Latin America not developed? 1Francisco RodríguezPART I CROSS-CUTTING THEMES2 Productivity growth in Latin America: 1820–2024 20André Hofman and Mariana del Rio3 Latin America’s Gramscian moment: when the old fades (“Extractivism”),but the new fails to be born 68José Gabriel Palma4 Continuismo v Rompismo: neocaudillismo and the electoral dominance ofincumbents, ex-presidents, and newcomers in Latin America 119Javier Corrales5 Latin America in the neoliberal and postneoliberal eras 146Gabriel Hetland6 From parents to children: educational intergenerational mobility trends inLatin America and the Caribbean 158Lucila Berniell, Cristian Bonavida, and Dolores de la Mata7 Central banks and monetary policy in historical perspective 190Esteban Pérez Caldentey and Matías Vernengo8 Gender inequality and development in Latin America 203María Magdalena Camou and Silvana Maubrigades9 Social movements and extractivist mining in Latin America and theCaribbean: reshaping pathways of development? 222Leonith Hinojosa, Salvador Martí i Puig, and Victor Tricot10 The underground and criminal economy in Latin America 240Julia BuxtonPART II ANALYTICAL CASE STUDIES11 Argentina: a lost half century? 258Ignacio Labaqui and Marcos Buscaglia12 Bolivia’s development: long view 270Juan Antonio Morales13 The Brazilian double disease 286Otaviano Canuto14 The Caribbean small economies in the world-economy: trade, economicperformance, and innovation governance 298Keith Nurse15 Chile 1820–2020: a case of frustrated development? 322Cristian Ducoing and Marc Badia-Miró16 Colombian economic development since the early 20th century 336José Antonio Ocampo and Carmen Astrid Romero17 Costa Rica: the development of compromise 362Ludovico Feoli18 Cuba’s failed reforms and new economic crisis 376Pavel Vidal Alejandro19 Assessing the Dominican Republic’s economic development, 1970–2020 391José R. Sánchez-Fung20 Ecuador’s truncated development trajectory: the rise and fall ofdevelopmentalism in the early 21st century 416Isabel Estevez and Andrés Arauz21 Capitalist modernization and growth in small countries: El Salvador’sexperience in the neoliberal era 434Alexander Segovia22 Haiti: a brief history of underdevelopment from colonial state to aid state 452Jake Johnston23 The struggle for sovereignty in Honduras 472Lynn Holland24 Why is Mexico not yet developed? 489Gerardo Esquivel25 Nicaragua: institutions-constrained growth 504Alvaro López-Espinoza, Umanzor López-Baltodano, andMayerli Obando Chamorro26 From stabilization to stagnation? Peru’s economy toward the mid-21stcentury 521Silvio Rendon27 Is Puerto Rico the missing Latin American Tiger? 547José Caraballo-Cueto28 Suriname’s economic development 568Scott MacDonald29 Uruguay: a tale of economic successes and failures 583Arturo C. Porzecanski and Henry Willebald30 The Venezuelan growth puzzle 602Michael Penfold and Francisco RodríguezIndex 619

Edited by Francisco Rodríguez, Senior Research Fellow, Center for Economic and Policy Research and Faculty Affiliate, Josef Korbel School of Global and Public Affairs, University of Denver, USA

‘A fantastic set of studies on the comparative political economy of Latin America, and an indispensable volume for anyone interested in understanding economic development in a historical context.’

• Contents1 Introduction: why is Latin America not developed? 1Francisco RodríguezPART I CROSS-CUTTING THEMES2 Productivity growth in Latin America: 1820–2024 20André Hofman and Mariana del Rio3 Latin America’s Gramscian moment: when the old fades (“Extractivism”),but the new fails to be born 68José Gabriel Palma4 Continuismo v Rompismo: neocaudillismo and the electoral dominance ofincumbents, ex-presidents, and newcomers in Latin America 119Javier Corrales5 Latin America in the neoliberal and postneoliberal eras 146Gabriel Hetland6 From parents to children: educational intergenerational mobility trends inLatin America and the Caribbean 158Lucila Berniell, Cristian Bonavida, and Dolores de la Mata7 Central banks and monetary policy in historical perspective 190Esteban Pérez Caldentey and Matías Vernengo8 Gender inequality and development in Latin America 203María Magdalena Camou and Silvana Maubrigades9 Social movements and extractivist mining in Latin America and theCaribbean: reshaping pathways of development? 222Leonith Hinojosa, Salvador Martí i Puig, and Victor Tricot10 The underground and criminal economy in Latin America 240Julia BuxtonPART II ANALYTICAL CASE STUDIES11 Argentina: a lost half century? 258Ignacio Labaqui and Marcos Buscaglia12 Bolivia’s development: long view 270Juan Antonio Morales13 The Brazilian double disease 286Otaviano Canuto14 The Caribbean small economies in the world-economy: trade, economicperformance, and innovation governance 298Keith Nurse15 Chile 1820–2020: a case of frustrated development? 322Cristian Ducoing and Marc Badia-Miró16 Colombian economic development since the early 20th century 336José Antonio Ocampo and Carmen Astrid Romero17 Costa Rica: the development of compromise 362Ludovico Feoli18 Cuba’s failed reforms and new economic crisis 376Pavel Vidal Alejandro19 Assessing the Dominican Republic’s economic development, 1970–2020 391José R. Sánchez-Fung20 Ecuador’s truncated development trajectory: the rise and fall ofdevelopmentalism in the early 21st century 416Isabel Estevez and Andrés Arauz21 Capitalist modernization and growth in small countries: El Salvador’sexperience in the neoliberal era 434Alexander Segovia22 Haiti: a brief history of underdevelopment from colonial state to aid state 452Jake Johnston23 The struggle for sovereignty in Honduras 472Lynn Holland24 Why is Mexico not yet developed? 489Gerardo Esquivel25 Nicaragua: institutions-constrained growth 504Alvaro López-Espinoza, Umanzor López-Baltodano, andMayerli Obando Chamorro26 From stabilization to stagnation? Peru’s economy toward the mid-21stcentury 521Silvio Rendon27 Is Puerto Rico the missing Latin American Tiger? 547José Caraballo-Cueto28 Suriname’s economic development 568Scott MacDonald29 Uruguay: a tale of economic successes and failures 583Arturo C. Porzecanski and Henry Willebald30 The Venezuelan growth puzzle 602Michael Penfold and Francisco RodríguezIndex 619

Edited by Francisco Rodríguez, Senior Research Fellow, Center for Economic and Policy Research and Faculty Affiliate, Josef Korbel School of Global and Public Affairs, University of Denver, USA

‘A fantastic set of studies on the comparative political economy of Latin America, and an indispensable volume for anyone interested in understanding economic development in a historical context.’

• Contents1 Introduction: why is Latin America not developed? 1Francisco RodríguezPART I CROSS-CUTTING THEMES2 Productivity growth in Latin America: 1820–2024 20André Hofman and Mariana del Rio3 Latin America’s Gramscian moment: when the old fades (“Extractivism”),but the new fails to be born 68José Gabriel Palma4 Continuismo v Rompismo: neocaudillismo and the electoral dominance ofincumbents, ex-presidents, and newcomers in Latin America 119Javier Corrales5 Latin America in the neoliberal and postneoliberal eras 146Gabriel Hetland6 From parents to children: educational intergenerational mobility trends inLatin America and the Caribbean 158Lucila Berniell, Cristian Bonavida, and Dolores de la Mata7 Central banks and monetary policy in historical perspective 190Esteban Pérez Caldentey and Matías Vernengo8 Gender inequality and development in Latin America 203María Magdalena Camou and Silvana Maubrigades9 Social movements and extractivist mining in Latin America and theCaribbean: reshaping pathways of development? 222Leonith Hinojosa, Salvador Martí i Puig, and Victor Tricot10 The underground and criminal economy in Latin America 240Julia BuxtonPART II ANALYTICAL CASE STUDIES11 Argentina: a lost half century? 258Ignacio Labaqui and Marcos Buscaglia12 Bolivia’s development: long view 270Juan Antonio Morales13 The Brazilian double disease 286Otaviano Canuto14 The Caribbean small economies in the world-economy: trade, economicperformance, and innovation governance 298Keith Nurse15 Chile 1820–2020: a case of frustrated development? 322Cristian Ducoing and Marc Badia-Miró16 Colombian economic development since the early 20th century 336José Antonio Ocampo and Carmen Astrid Romero17 Costa Rica: the development of compromise 362Ludovico Feoli18 Cuba’s failed reforms and new economic crisis 376Pavel Vidal Alejandro19 Assessing the Dominican Republic’s economic development, 1970–2020 391José R. Sánchez-Fung20 Ecuador’s truncated development trajectory: the rise and fall ofdevelopmentalism in the early 21st century 416Isabel Estevez and Andrés Arauz21 Capitalist modernization and growth in small countries: El Salvador’sexperience in the neoliberal era 434Alexander Segovia22 Haiti: a brief history of underdevelopment from colonial state to aid state 452Jake Johnston23 The struggle for sovereignty in Honduras 472Lynn Holland24 Why is Mexico not yet developed? 489Gerardo Esquivel25 Nicaragua: institutions-constrained growth 504Alvaro López-Espinoza, Umanzor López-Baltodano, andMayerli Obando Chamorro26 From stabilization to stagnation? Peru’s economy toward the mid-21stcentury 521Silvio Rendon27 Is Puerto Rico the missing Latin American Tiger? 547José Caraballo-Cueto28 Suriname’s economic development 568Scott MacDonald29 Uruguay: a tale of economic successes and failures 583Arturo C. Porzecanski and Henry Willebald30 The Venezuelan growth puzzle 602Michael Penfold and Francisco RodríguezIndex 619