On the Costs of Inward-Looking Development: Historical Perspectives on Price Distortions, Growth, and Divergence in Latin American from 1930s - 1980s / Alan M. Taylor.

By:

Taylor, Alan M

Contributor(s):

National Bureau of Economic Research

Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w5432.Publication details: Cambridge, Mass. National Bureau of Economic Research 1996.Description: 1 online resource: illustrations (black and white)Subject(s):

N1 - Macroeconomics and Monetary Economics • Industrial Structure • Growth • Fluctuations

Online resources:

Available additional physical forms:

Hardcopy version available to institutional subscribers

Abstract: 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 of the regime were long lived, persisting and worsening into the 1970s and 1980s. I examine the costs of distortions and explore the structural differences between growth dynamics in Latin America and elsewhere. Distortions had pervasive and profound effects on many aspects of the growth process, and help explain divergent development in the region.

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Working Paper	Biblioteca Digital	Colección NBER	nber w5432 (Browse shelf(Opens below))	Not For Loan

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January 1996.

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 of the regime were long lived, persisting and worsening into the 1970s and 1980s. I examine the costs of distortions and explore the structural differences between growth dynamics in Latin America and elsewhere. Distortions had pervasive and profound effects on many aspects of the growth process, and help explain divergent development in the region.