Political Institutions and Economic Growth in Latin America offers a new contribution to the literature on institutions and growth through the analysis of historical cases of institutional change and economic growth in Latin America in the nineteenth and twentieth centuries.

Originally published in 2004. Growth, income distribution, and labour markets are issues of pivotal importance in the Latin American context. Examining unique theoretical issues and the empirical evidence, this book provides a critical analysis of the key elements of income distribution determinants, labour market functions, trade policies, and their interrelations. As the advance of globalization becomes seemingly unstoppable, this book provides an important reappraisal of the impact of this new phenomenon, and in particular, the pernicious impact it may have on income growth and distribution. The key objective of the volume is to integrate more fully the analysis of trade and labour market economists, in order to better understand the labour market and income distribution implications of globalization and international integration. Forty years after the early calls to appropriately investigate the micro foundations of macroeconomics, the separation of the two at the policy level is more damaging than ever before - particularly for developing regions; this volume therefore makes an important contribution at the theoretical and policy levels by bringing together macroeconomic and microeconomic analyses.

These classic studies of the history of economic change in 19th- and 20th-century United States, Canada, and British West Indies examine national product; capital stock and wealth; and fertility, health, and mortality. "A 'must have' in the library of the serious economic historian."—Samuel Bostaph, Southern Economic Journal

An examination of U.S. economic policy in the 1990s, by leading policy makers as well as academic economists.

First Published in 2005. In this book, the author seeks to apply a self-described broad approach to American economic growth and to place the process within the mainstream of American history. This approach establishes that economic growth involves far more than economics; most students of growth view that process as one which cuts across the boundaries of the disciplines within the social sciences. After a brief introduction of the subject of the book, Bruchey further discusses the need for such guidance and tries to make clear what it is that has directed his own path in this field.

This title was first published in 2000: This text aims to be essential reading for anyone who wishes to understand the microeconomic foundations behind the Latin American export boom, the ways in which government policies affecting exports may retard or promote economic growth, and the future prospects of the proposed Free Trade Association of the Americas. The authors conduct an econometric analysis which uses measures of export diversification, structural change in exports, and exports similarity which provide a basis for region-wide comparisons. The cases of Chile, Colombia, Mexico and Venezuela are analyzed in particular detail. Cross-country analysis focuses on the potential role of export diversification in promoting economic growth, in the context of other important determinants of growth.

This benchmark volume addresses the debate over the effects of early industrialization on standards of living during the decades before the Civil War. Its contributors demonstrate that the aggregate antebellum economy was growing faster than any other large economy had grown before. Despite the dramatic economic growth and rise in income levels, questions remain as to the general quality of life during this era. Was the improvement in income widely shared? How did economic growth affect the nature of work? Did higher levels of income lead to improved health and longevity? The authors address these questions by analyzing new estimates of labor force participation, real wages, and productivity, as well as of the distribution of income, height, and nutrition.

This book explains how Latin American countries consolidate economic governance after serious disruptions to their formal and informal policy making routines. It asserts that the process of institutional change that started as a result of such disruptions resulted in complementary institutions, which supported a new consolidated pattern of economic governance. In addition, this work also offers a robust theoretical underpinning to economic governance, independent from performance. Performance figures prominently as a criterion to assess economic governance; however, crises are becoming more frequent and performance does not entirely depend on governments’ actions. This book argues that governance in the economic arena depends on the ability and feasibility of limiting the discretion of vested interests over economic policies insofar as these interests can shift the costs of their actions so the rest of the society bears them.

Crony capitalism systems—in which those close to political policymakers receive favors allowing them to earn returns far above market value—are a fundamental feature of the economies of Latin America. Haber and his expert contributors draw from case studies in Mexico, Brazil, and other countries around the world to examine the causes and consequences of cronyism.

After skyrocketing over the past decade, commodity prices have remained stable or eased somewhat since mid-2011—and most projections suggest they are not likely to resume the upward trend observed in the last decade. This paper analyzes what this turn in the commodity price cycle may imply for output growth in Latin America and the Caribbean. The analysis suggests that growth in the years ahead for the average commodity exporter in the region could be significantly lower than during the commodity boom, even if commodity prices were to remain stable at their current still-high levels. Slower-than-expected growth in China represents a key downside risk. The results caution against trying to offset the current economic slowdown with demand-side stimulus and underscore the need for ambitious structural reforms to secure strong growth over the medium term.