Article

Structural Transformation and Economic Growth in Latin America

Ricardo Hausmann

in The Oxford Handbook of Latin American Economics

Published in print July 2011 | ISBN: 9780199571048
Published online September 2012 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780199571048.013.0021

Series: Oxford Handbooks in Economics

 Structural Transformation and Economic Growth in Latin America

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This chapter argues that obstacles to productive transformation may be a significant part of the growth problem in many countries in Latin America, which means that the continuation of a low-dimensional horizontal policy stance is unlikely to help. Inevitably, policies will have to move back to a more activist role in terms of listening to and promoting economic activity. The reform paradigm of the 1990s moved against sector-specific interventions and in favor of low-dimensional priorities, in part as a reaction against the previous development strategy. First, the focus is on the provision of requisite public inputs, not on private goods or subsidies. Second, the design of policies supposes the organization of a social search process where obstacles and opportunities are identified. Third, special attention needs to be given to maintenance of legitimacy of the policy process.

Keywords: Latin America; productive transformation; growth problem; economic activity

Article.  10938 words. 

Subjects: Economics ; Economic Development and Growth ; Public Economics

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