Latin America's Growth: Looking through the Demand Glass
This paper revisits the historical roots of Latin America's disappointing growth using a novel macro and trade-based growth decomposition and a simple model of industrialization in a commodities-exporting country with a large informal sector. The approach suggests the need to better qualify two...
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
The World Bank
2022
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Online-Zugang: | Volltext |
Zusammenfassung: | This paper revisits the historical roots of Latin America's disappointing growth using a novel macro and trade-based growth decomposition and a simple model of industrialization in a commodities-exporting country with a large informal sector. The approach suggests the need to better qualify two opposite narratives: that the post-1982 ("neoliberal") reforms have failed, and it is time to look back to the import substitution industrialization era for policy inspiration; and that the post-1982 reforms went in the right direction but must be completed to unleash significant productivity gains. Both can be misleading because they downplay the role of demand. The apparent "miracle" of import substitution industrialization does not provide a realistic point of comparison because it reflected an unsustainable, demand-induced boost in productivity. And the gains expected from Washington Consensus-style reforms alone can be overstated because they are derived from overly restrictive assumptions on demand. By allowing demand to play a more central role, the paper finds a close and revealing relationship between the growth patterns followed by Latin American countries, the quality of their macroeconomic policies, the nature of their trade, and the segmentation of their labor markets. Going forward, the policy agenda calls for an outwardly oriented growth strategy, supported by a more proactive role for the state that promotes not only efficiency in supply, but also the appeal to demand |
Beschreibung: | 1 Online-Ressource (76 Seiten) |
DOI: | 10.1596/1813-9450-10227 |
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520 | 3 | |a This paper revisits the historical roots of Latin America's disappointing growth using a novel macro and trade-based growth decomposition and a simple model of industrialization in a commodities-exporting country with a large informal sector. The approach suggests the need to better qualify two opposite narratives: that the post-1982 ("neoliberal") reforms have failed, and it is time to look back to the import substitution industrialization era for policy inspiration; and that the post-1982 reforms went in the right direction but must be completed to unleash significant productivity gains. Both can be misleading because they downplay the role of demand. The apparent "miracle" of import substitution industrialization does not provide a realistic point of comparison because it reflected an unsustainable, demand-induced boost in productivity. And the gains expected from Washington Consensus-style reforms alone can be overstated because they are derived from overly restrictive assumptions on demand. By allowing demand to play a more central role, the paper finds a close and revealing relationship between the growth patterns followed by Latin American countries, the quality of their macroeconomic policies, the nature of their trade, and the segmentation of their labor markets. Going forward, the policy agenda calls for an outwardly oriented growth strategy, supported by a more proactive role for the state that promotes not only efficiency in supply, but also the appeal to demand | |
650 | 4 | |a Commodities | |
650 | 4 | |a Commodity Dependence | |
650 | 4 | |a Consumption | |
650 | 4 | |a Convergence | |
650 | 4 | |a Export Diversification | |
650 | 4 | |a Growth | |
650 | 4 | |a Import Substituting Industrialization | |
650 | 4 | |a Macroeconomics and Economic Growth | |
650 | 4 | |a Natural Resource Curse | |
650 | 4 | |a Natural Resource Wealth | |
650 | 4 | |a Paradox of Plenty | |
650 | 4 | |a Urban Development | |
700 | 1 | |a Ize, Alain |e Sonstige |4 oth | |
776 | 0 | 8 | |i Erscheint auch als |n Druck-Ausgabe |a de la Torre, Augusto |t Latin America's Growth: Looking through the Demand Glass |d Washington, D.C. : The World Bank, 2022 |
856 | 4 | 0 | |u https://doi.org/10.1596/1813-9450-10227 |x Verlag |z kostenfrei |3 Volltext |
912 | |a ZDB-1-WBA | ||
943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-034341373 |
Datensatz im Suchindex
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author | de la Torre, Augusto |
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ctrlnum | (ZDB-1-WBA)084027754 (OCoLC)1392139329 (DE-599)KEP084027754 |
discipline | Wirtschaftswissenschaften |
discipline_str_mv | Wirtschaftswissenschaften |
doi_str_mv | 10.1596/1813-9450-10227 |
format | Electronic eBook |
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By allowing demand to play a more central role, the paper finds a close and revealing relationship between the growth patterns followed by Latin American countries, the quality of their macroeconomic policies, the nature of their trade, and the segmentation of their labor markets. 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id | DE-604.BV049079482 |
illustrated | Not Illustrated |
index_date | 2024-07-03T22:27:56Z |
indexdate | 2025-02-20T07:20:17Z |
institution | BVB |
language | English |
oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-034341373 |
oclc_num | 1392139329 |
open_access_boolean | 1 |
owner | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR DE-19 DE-BY-UBM DE-355 DE-BY-UBR DE-703 DE-91 DE-BY-TUM DE-706 DE-29 DE-M347 DE-473 DE-BY-UBG DE-824 DE-20 DE-739 DE-1043 DE-863 DE-BY-FWS DE-862 DE-BY-FWS |
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physical | 1 Online-Ressource (76 Seiten) |
psigel | ZDB-1-WBA |
publishDate | 2022 |
publishDateSearch | 2022 |
publishDateSort | 2022 |
publisher | The World Bank |
record_format | marc |
spellingShingle | de la Torre, Augusto Latin America's Growth Looking through the Demand Glass Commodities Commodity Dependence Consumption Convergence Export Diversification Growth Import Substituting Industrialization Macroeconomics and Economic Growth Natural Resource Curse Natural Resource Wealth Paradox of Plenty Urban Development |
title | Latin America's Growth Looking through the Demand Glass |
title_auth | Latin America's Growth Looking through the Demand Glass |
title_exact_search | Latin America's Growth Looking through the Demand Glass |
title_exact_search_txtP | Latin America's Growth Looking through the Demand Glass |
title_full | Latin America's Growth Looking through the Demand Glass Augusto de la Torre |
title_fullStr | Latin America's Growth Looking through the Demand Glass Augusto de la Torre |
title_full_unstemmed | Latin America's Growth Looking through the Demand Glass Augusto de la Torre |
title_short | Latin America's Growth |
title_sort | latin america s growth looking through the demand glass |
title_sub | Looking through the Demand Glass |
topic | Commodities Commodity Dependence Consumption Convergence Export Diversification Growth Import Substituting Industrialization Macroeconomics and Economic Growth Natural Resource Curse Natural Resource Wealth Paradox of Plenty Urban Development |
topic_facet | Commodities Commodity Dependence Consumption Convergence Export Diversification Growth Import Substituting Industrialization Macroeconomics and Economic Growth Natural Resource Curse Natural Resource Wealth Paradox of Plenty Urban Development |
url | https://doi.org/10.1596/1813-9450-10227 |
work_keys_str_mv | AT delatorreaugusto latinamericasgrowthlookingthroughthedemandglass AT izealain latinamericasgrowthlookingthroughthedemandglass |