This study, now in a revised and updated third edition, covers the economic history of Latin America from independence in the 1820s to the present. It stresses the differences between Latin American countries while recognizing the external influences to which the whole region has been subject. Victor Bulmer-Thomas notes the failure of the region to close the gap in living standards between it and the United States and explores the reasons. He also examines the new paradigm taking shape in Latin America since the debt crisis of the 1980s and asks whether this new economic model will be able to bring the growth and improvement in equity that the region desperately needs. This third edition contains a wealth of new material that draws on the new research in the area in the past ten years.
About the Author
Victor Bulmer-Thomas is Emeritus Professor of Economics at the University of London and Honorary Professor with the Institute of the Americas, University College London. He is also a Senior Distinguished Fellow of the School of Advanced Study at the University of London; an Associate Fellow in the Americas Program at Chatham House, where he was the Director from 2001 to 2006; and was Director of the Institute of Latin American Studies, University of London, from 1992 to 1998. His publications include The Economic History of the Caribbean Since the Napoleonic Wars (2012), The Political Economy of Central America Since 1920 (1987) and Input-Output Analysis for Developing Countries (1982). He is also co-editor of The Cambridge Economic History of Latin America (2006).
Table of Contents1. Latin American economic development: an overview; 2. The struggle for national identity: from independence to mid-century; 3. The export sector and the world economy, circa 1850–1914; 4. Export-led growth: the supply side; 5. Export-led growth and the non-export economy; 6. The First World War and its aftermath; 7. Policy, performance, and structural change in the 1930s; 8. War and the new international economic order; 9. Inward-looking development in the postwar period; 10. New trade strategies and debt-led growth; 11. Debt, adjustment, and the shift to a new paradigm; 12. Conclusions; Appendix 1. Data sources for population and exports before 1914; Appendix 2. The ratio of exports to Gross Domestic Product, the purchasing power of exports, the net barter terms of trade and the volume of exports, circa 1850 to circa 1912; Appendix 3. Population, exports, public revenue and GDP for the main Latin American countries before 1914; Appendix 4. GDP per head in Latin America since 1900.