Economic Development of Latin America in the Twentieth Century

This book provides an assessment of Latin American 20th century economic performance from a comparative and historical perspective. The author uses growth accounting methods and previously unavailable long-term series data to present a comprehensive analysis of Latin American development over the course of the century. The performance of Latin American economies over this period is compared to that of three groups of countries: the advanced capitalist economies of France, Germany, Japan, The Netherlands, UK and USA; the newly industrialised economies of Korea and Taiwan; and Spain and Portugal with which Latin America has historical ties. This presents a long-run comparative perspective of growth acceleration and slow-down in Latin America. The reasons for the comparatively poor or negative economic growth in the "Lost Decade" of the 1980s are examined as is the apparent economic recovery in the 1990s. The author also reviews other problems associated with the Latin American economies including debt problems, income inequality, high inflation, cyclical instability, and political and policy instability, and measures the ability of various countries to combat these challenges. Finally, the author analyses major stabilisation policies over the period and assesses their success.This book will prove a valuable asset to students and scholars of Latin American economics, international economics and development economics.