Growth under Extractive Institutions? Latin American Per Capita GDP in Colonial Times

• 成果类型: Article
• 署名作者: Middlebury College; Utrecht University
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050716000954
• 发表日期: 2016
• 页码: 1182-1215
• 关键词: new-spain; population; ECONOMY; 16th-century; divergence; prices; Europe; Empire; Mexico; books

摘要

This article presents new estimations of per capita GDP in colonial times for the two pillars of the Spanish empire: Mexico and Peru. We find dynamic economies as evidenced by increasing real wages, urbanization, and silver mining. Their growth trajectories are such that both regions reduced the gap with respect to Spain; Mexico even achieved parity at times. While experiencing swings in growth, the notable turning point is in 1780s as bottlenecks in production and later, the independence wars reduced economic activity. Our results question the notion that colonial institutions impoverished Latin America.