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Full Description
This Companion examines why Latin America and the Caribbean have struggled to achieve sustained economic progress despite cycles of state-led development, market liberalization, and social policy experimentation. Through thematic analyses and detailed country studies, the contributors explore the structural constraints that have shaped the region's trajectory.
Rather than seeking another universal model, chapters delve into regional and country-specific challenges, analyzing them within their historical, institutional, and economic contexts. Instead of a new 'consensus', they advocate for a new conversation: one that moves beyond rigid frameworks and embraces the complexity of the region's economies, societies, and histories. The Companion examines critical challenges such as governance failures, state capture, and the role of political elites in shaping economic outcomes, emphasizing the need to strengthen institutions, promote economic diversification, and invest in human capital. Ultimately, it underscores the importance of fostering a more nuanced debate: one that acknowledges the diversity of Latin America's economies and histories while identifying actionable strategies for inclusive growth, resilience, and long-term development.
The Elgar Companion to the Economies of Latin America and the Caribbean is a vital resource for students and scholars of development, international economics and political economy. Historians of Latin America and practitioners in political science will also benefit from the book's detailed insights.
Contents
Contents
1 Introduction: why is Latin America not developed? 1
Francisco Rodríguez
PART I CROSS-CUTTING THEMES
2 Productivity growth in Latin America—1820-2024 20
André Hofman and Mariana del Rio
3 Latin America's Gramscian moment: when the old fades ("Extractivism"), but the new fails to be born 68
José Gabriel Palma
4 Continuismo v Rompismo: neocaudillismo and the electoral dominance of incumbents, ex-presidents, and newcomers in Latin America 118
Javier Corrales
5 Latin America in the neoliberal and postneoliberal eras 144
Gabriel Hetland
6 From parents to children: educational intergenerational mobility trends in Latin America and the Caribbean 156
Lucila Berniell, Cristian Bonavida and Dolores de la Mata
7 Central banks and monetary policy in historical perspective 188
Esteban Pérez Caldentey Matías Vernengo
8 Gender inequality and development in Latin America 201
María Magdalena Camou and Silvana Maubrigades
9 Social movements and extractivist mining in Latin America and the Caribbean: reshaping pathways of development? 220
Leonith Hinojosa, Salvador Martí i PuigandVictor Tricot
10 The underground and criminal economy in Latin America 238
Julia Buxton
PART II ANALYTICAL CASE STUDIES
11 Argentina: a lost half century? 256
Ignacio Labaqui and Marcos Buscaglia
12 Bolivia's development: long view 268
Juan Antonio Morales
13 The Brazilian double disease 284
Otaviano Canuto
14 The Caribbean small economies in the world-economy: trade, economic performance, and innovation governance 296
Keith Nurse
15 Chile 1820-2020: a case of frustrated development? 320
Cristian Ducoing and Marc Badia-Miró
16 Colombian economic development since the early 20th century 334
José Antonio Ocampo and Carmen Astrid Romero
17 Costa Rica: the development of compromise 360
Ludovico Feoli
18 Cuba's failed reforms and new economic crisis 374
Pavel Vidal Alejandro
19 Assessing the Dominican Republic's economic development, 1970-2020 389
José R. Sánchez-Fung
20 Ecuador's truncated development trajectory: the rise and fall of developmentalism in the early 21st century 414
Isabel Estevez and Andrés Arauz
21 Capitalist modernization and growth in small countries: El Salvador's experience in the neoliberal era 432
Alexander Segovia
22 Haiti: a brief history of underdevelopment from colonial state to aid state 450
Jake Johnston
23 The struggle for sovereignty in Honduras 470
Lynn Holland
24 Why is Mexico not yet developed? 487
Gerardo Esquivel
25 Nicaragua: institutions-constrained growth 502
Alvaro López-Espinoza, Umanzor López-Baltodano and Mayerli Obando Chamorro
26 From stabilization to stagnation? Peru's economy toward the mid-21st century 519
Silvio Rendon
27 Is Puerto Rico the missing Latin American Tiger? 545
José Caraballo-Cueto
28 Suriname's economic development 567
Scott MacDonald
29 Uruguay: a tale of economic successes and failures 582
Arturo Porzecanski and Henry Willebald
30 The Venezuelan growth puzzle 601
Michael Penfold and Francisco Rodríguez
