By Daniel Chudnovsky, Andres Lopez
Regardless of its surprisingly wealthy availability of average assets and considerable base of human capital, within the final 40 years Argentina suffered a negative development functionality in any cross-country comparison. Chudnovsky and L??pez's research comprises episodes of development in 1964-74 and in 1991-98 that proved to be ultimately unsustainable, in addition to the 2001 concern, the main critical within the country's history. because either progress episodes happened below really diverse improvement paradigms, the Post-War improvement Consensus and Washington Consensus, classes approximately what went correct and improper in Argentina contributes to the talk concerning the virtues and screw ups of these paradigms. Following customarily an institutional and historic process, but additionally making use of rigorous monetary research, this ebook bargains a well timed contribution to 1 of the massive puzzles within the box of improvement economics.
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Additional resources for The Elusive Quest for Growth in Argentina
The arrival of FDI and immigrants—who were the bulk of industrial entrepreneurs—was the main channel of technology transfer, along with the import of capital goods, for the Argentine economy during that phase. Key transformations occurred during this period in the institutional arena. The rule of law was guaranteed by the gradual emergence of a modern State and the enactment of a number of laws aiming at protecting property rights and at providing the infrastructure needed for productive investments and exports.
A Post–Washington Consensus? The End of Development Panaceas Although at the end of the 1990s some papers suggested that the world was heading toward a “post–Washington Consensus” (Stiglitz, 1998), as aptly suggested by the title of a recent Dani Rodrik’s paper what has happened is that we have moved from the Washington Consensus to a “Washington Confusion” (2006). This is not only the result of the shortcomings of the WC based policies, but also of a more wide acknowledgment of the fact that we know very little about what explains long-run economic development.
1)1 and Argentina was, by 1929, the eleventh country in the world in the per capita income ranking (Maddison, 1995). Furthermore, wages in Argentina were relatively high and income distribution (measured as the proportion of wages in per capita income) was fairly equal—when compared with developed countries such as Great Britain—(Williamson, 1999; Gerchunoff and Llach, 2003). However, this did not prevent the emergence of social tensions, especially in the rural zones with export activities as well as in major urban centers.