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Another Case Of The Middle-Income Trap: Chile, 1900–1939

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  • Couyoumdjian, Juan Pablo
  • Larroulet, Cristián
  • Díaz, Diego A.

Abstract

This paper studies the evolution of the Chilean economy in the late 19th and early 20th century, a period when the country's convergence with developed countries came to an end. We analyse this problem in the context of the modern literature on the middle-income trap. The social, political and economic history of Chile between 1875 and 1939 is examined and the presence of most of the factors associated with the middle-income trap is found. We complement this narrative through a quantitative analysis based on the synthetic control method and argue that the process of state-led industrialisation undertaken in the country leading to the formation of CORFO was a key economic and political event. Our work presents some general lessons for developing countries facing a similar context.

Suggested Citation

  • Couyoumdjian, Juan Pablo & Larroulet, Cristián & Díaz, Diego A., 2022. "Another Case Of The Middle-Income Trap: Chile, 1900–1939," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 40(1), pages 5-33, March.
    • Handle: RePEc:cup:reveco:v:40:y:2022:i:1:p:5-33_2
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