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The Decline of Latin American EconomiesGrowth, Institutions, and Crises$
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Sebastian Edwards, Gerardo Esquivel, and Graciela Marquez

Print publication date: 2007

Print ISBN-13: 9780226185002

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226185033.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 05 April 2020

When Did Latin America Fall Behind?

When Did Latin America Fall Behind?

(p.15) 1 When Did Latin America Fall Behind?
The Decline of Latin American Economies

Leandro Prados de la Escosura

University of Chicago Press

This chapter reexamines the timing of Latin America's economic retardation—first, by using a more representative comparator, such as a group of countries included under the OECD acronym, and second, by resorting to the tools employed in the inequality literature. Among the main findings of the chapter that can be highlighted are that, contrary to widespread belief, it was during the late twentieth century that Latin America fell behind more dramatically. A long-term rise in real average per capita income inequality is found for a large sample of countries encompassing most of Europe, the Americas, and Oceania. The rise in intercountry inequality resulted from the widening gap between the OECD countries (Australia, Canada, New Zealand, United States, Japan) and Latin America, as opposed to the reduction in income differences within each of these country groups. As a result, polarization emerged.

Keywords:   Latin America, economic retardation, inequality, per capita income, OECD countries, Australia, Canada, New Zealand, United States, Japan

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