Allyn Young was, and continues to be, a much misunderstood economist. He was a profound thinker and so much ahead of his times that it is doubtful that even today we have grasped the full import of what he said. This paper examines Young's thinking from the perspective of five different schools...

There is a large body of literature stressing the importance of developing financial markets, including stock markets, to enhance countries' growth. I argue that the relationship between stock markets and growth is exaggerated and that the simple act of opening a formal stock market is not a...

In 1950, Latin American countries capabilities were promising, and the subcontinent was thought to have a big potential for convergence. In order to understand why this prediction was not fulfilled, we apply in this paper the framework set by Fagerberg and Srholec (2008(24)). Our study of the...