Economic Development in Latin America

This course introduces students to major historical and contemporary debates on Latin American economic development and its social consequences. It adopts a comparative perspective, examining the region’s trajectory relative to North America, Western Europe, East Asia, and other developing regions. Particular attention is given to the institutional, political, geographic, and social factors that help explain Latin America’s comparatively low long-run growth, productivity, equality, and social development. The course begins with long-term economic trends and competing explanations for the region’s relative performance. It then examines the colonial legacy, including institutions, labor systems, landholding patterns, and state formation, comparing Latin America with other world regions. The course also explores post-independence development, the effects of the Industrial Revolution, and the export era from the late nineteenth century to 1929. The course then examines Latin American economic development during the twentieth and twenty-first centuries, including the Great Depression, World War II, state-led industrialization, the debt crisis, the lost decade of the 1980s, market-oriented reforms, and recent economic transformations. These experiences are compared with East Asia, advanced economies, and other developing regions. The final section addresses current issues, including macroeconomic policy, trade, structural transformation, inequality, labor markets, social policy, technological change, climate transition, demographic slowdown, recent global crises, and Latin America’s future development prospects.