The book is organized in two parts. The first part looks at issues of long-term growth and development patterns, and the second part focuses on issues of macroeconomic vulnerability and its social effects. Chapter 1, looks at the determinants of dynamic efficiency in developing countries, which...

Arguments regarding trade and other forms of liberalization in developing countries are reviewed. Microeconomically, the standard case for liberalization is dubious under increasing returns to scale and when firms can invest directly in productivity enhancement. Distributional effects of...

This paper draws the broad trends of Latin American economic development and its relations to the world economy since 1870. It presents the raw materials dependence of the region, its industrialization strategy, the incidence of unstable capital flows, as well as of macroeconomic policy, as the...