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Why Have All Development Strategies Failed in Latin America?

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  • Guillermo Rozenwurcel

Abstract

After the Great Depression and throughout the rest of the twentieth century, Latin American countries basically approached economic development following two successive and quite opposed strategies. The first one was import substitution industrialization. The second was the so-called Washington Consensus approach. While the two views were founded on quite opposite premises, neither the import substitution industrialization nor the Washington Consensus managed to deliver sustained economic development to Latin American countries. Two domestic elements are crucial to understand this outcome.

Suggested Citation

  • Guillermo Rozenwurcel, 2006. "Why Have All Development Strategies Failed in Latin America?," WIDER Working Paper Series RP2006-12, World Institute for Development Economic Research (UNU-WIDER).
    • Handle: RePEc:unu:wpaper:rp2006-12
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    File URL: https://www.wider.unu.edu/sites/default/files/rp2006-12.pdf
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    References listed on IDEAS

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    1. Krueger, Anne O, 1990. "Government Failures in Development," Journal of Economic Perspectives, American Economic Association, vol. 4(3), pages 9-23, Summer.
    2. William S. Sessions, 1990. "Washington," Challenge, Taylor & Francis Journals, vol. 33(4), pages 57-59, July.
    3. José Antonio Ocampo, 2004. "Latin America's Growth and Equity Frustrations During Structural Reforms," Journal of Economic Perspectives, American Economic Association, vol. 18(2), pages 67-88, Spring.
    4. Guillermo A. Calvo, 1998. "CAPITAL FLOWS AND CAPITAL-MARKET CRISES: The Simple Economics of Sudden Stops," Journal of Applied Economics, Taylor & Francis Journals, vol. 1(1), pages 35-54, November.
    5. Narula, Rajneesh, 2002. "Switching from import substitution to the ‘New Economic Model’ in Latin America: A case of not learning from Asia," Research Memorandum 042, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
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