This paper discusses why Latin America failed to achieve sustainable convergence with the developed world since 1960 and analyses different phases of convergence and divergence using a structuralist-Keynesian approach. First, it is argued that there are critical differences between Latin...

This paper discusses why Latin America failed to achieve sustainable convergence with the developed world since 1960 and analyses different phases of convergence and divergence using a structuralist-Keynesian approach. First, it is argued that there are critical differences between Latin...