On the costs of inward-looking development: Price distortions, growth, and divergence in Latin-America

• 成果类型: Article
• 署名作者: Northwestern University
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050700019860
• 发表日期: 1998
• 页码: 1-28
• 关键词: economic-growth; developing-countries; exchange-rates; RECOVERY; finance; 1930s; asia

摘要

From the 1930s to the 1980s, economic policies in Latin America epitomized the inward-looking model of development. The model emerged in the Depression, and was later codified in unorthodox economic theories. Even though economic performance was seen as disappointing by the 1960s, the distortions persisted and worsened into the 1970s and 1980s. This article examines the costs of distortions and explores the structural differences between growth dynamics in Latin America and elsewhere. Distortions had profound effects on many aspects of the growth process, help explain divergent development, and raise important questions about economic growth and the evolution of institutions.