The Economic History of Latin America since Independence

Cover......Page 1
Half-title......Page 3
Series-title......Page 4
Title......Page 7
Copyright......Page 8
Dedication......Page 9
Contents......Page 11
Tables......Page 15
Figures......Page 17
Maps......Page 18
Preface to the second edition......Page 19
Preface......Page 21
Abbreviations......Page 23
1 Latin American economic development: an overview......Page 25
2 The struggle for national identity from independence to midcentury......Page 43
The colonial legacy......Page 46
The economic consequences of independence......Page 52
The free-trade question......Page 55
The export sector......Page 57
The nonexport economy......Page 62
Regional differences......Page 66
3 The export sector and the world economy, circa 1850–1914......Page 70
World demand and the export-led growth model......Page 74
Export performance......Page 81
Export cycles......Page 93
The pattern of external trade......Page 96
The terms of trade and international transport costs......Page 102
4 Export-led growth: the supply side......Page 106
The labor market......Page 108
Land......Page 115
Capital markets......Page 119
Foreign investment......Page 125
The policy context......Page 131
5 Export-led growth and the nonexport economy......Page 141
Domestic-use agriculture......Page 143
Manufacturing and its origins......Page 151
Industry and relative prices......Page 161
Regional differences on the eve of the First World War......Page 170
6 The First World War and its aftermath......Page 176
The collapse of the old order......Page 177
Trade strategies......Page 185
Exchange-rate, financial, and fiscal reform......Page 195
External shocks, relative prices, and the manufacturing sector......Page 204
7 Policy, performance, and structural change in the 1930s......Page 213
The Depression of 1929......Page 215
Short-term stabilization......Page 220
Recovery from the Depression......Page 228
The international environment and the export sector......Page 235
Recovery of the nonexport economy......Page 242
The transition toward inward-looking development......Page 250
8 War and the new international economic order......Page 256
Trade and industry in the Second World War......Page 257
Trade surpluses, fiscal policy, and inflation......Page 266
The postwar dilemma......Page 274
The new international economic order......Page 283
9 Inward-looking development in the postwar period......Page 292
The inward-looking model......Page 294
Outward-looking countries......Page 304
Regional integration......Page 312
Growth, income distribution, and poverty......Page 322
10 New trade strategies and debt-led growth......Page 337
Export promotion......Page 340
Export substitution......Page 347
Primary-export development......Page 354
The state, public enterprise, and capital accumulation......Page 363
Debt-led growth......Page 370
11 Debt, adjustment, and the shift to a new paradigm......Page 377
From debt crisis to debt burden......Page 379
External adjustment......Page 387
Internal adjustment, stabilization, and the exchange-rate problem......Page 396
Growth, equity, and inflation since the debt crisis......Page 406
Latin America and globalization......Page 413
12 Conclusions......Page 416
Exports......Page 435
Colombia......Page 438
El Salvador......Page 439
Nicaragua......Page 440
Venezuela......Page 441
The ratio of exports to GDP......Page 443
The volume of exports......Page 445
APPENDIX 3 Gross domestic product per head, 1913, 1928, 1980, and 2000......Page 447
Chile......Page 450
Ecuador......Page 451
Puerto Rico......Page 452
Venezuela......Page 453
Bibliography......Page 455
Index......Page 485