Chapter

Globalization, Institution-building, and Commodity-export-led Growth, <i>c</i>.1870–1929

Luis Bértola and José Antonio Ocampo

in The Economic Development of Latin America since Independence

Published in print October 2012 | ISBN: 9780199662135
Published online January 2013 | e-ISBN: 9780191748950 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199662135.003.0003

Series: Initiative for Policy Dialogue

Globalization, Institution-building, and Commodity-export-led Growth, c.1870–1929

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Chapter 3 analyzes the character and timing of export-led growth in the last decades of the XIX and first three decades of the XX century. This process was determined by the revolution in transportation, the expansion of industrialized countries' demand for raw materials and foodstuffs, and the political and institutional changes that had been taking place in most Latin American countries (liberal reforms, increasing domestic labor mobility, development of a genuine land market, new taxation systems, consolidation of power structures and increased institutional stability). Hefty capital inflows and mass immigration to some countries from Europe reinforced these transformations. Increased export activity led to a diversification of production structures in the leading regional economies, including early manufacturing development, a modern transport infrastructure, and rapid urbanization. The gap with the world leaders diminished for these economies, but remained large, particularly in terms of human capital. Inequality increased both between and within countries.

Keywords: inequality; liberal reforms; institutions; transport revolution; export-led growth; terms of trade; capital flows; convergence/divergence; nation-state

Chapter.  27736 words.  Illustrated.

Subjects: Economic History

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