Book Description

Post-war Latin American economies have failed to close the development gap with advanced industrial countries despite more than six decades of attempted reform and undoubted economic and social progress. Two decades into the twenty-first century, there is little sign of this situation changing for the better. Compared with other emerging regions, notably East Asia, Latin America has underperformed in income, productivity, and innovation terms. All of this suggests that the time is right for a thorough assessment of why Latin America's recent pursuit of economic development has proven so elusive. Innovation, Competitiveness, and Development in Latin America provides a balanced and topical analysis of the successes and failures of development policy in post-war Latin America. Across nineteen chapters, experts in the economics and policy of Latin American development and policy identify the challenges at hand. They explore why the region is caught in a middle-income trap, where structural impediments frustrate the achievement of accelerated and sustainable growth. At the same time, potential actions are suggested for creating lasting progress. The chapters address vital issues in the region including established or emerging sources of competitive advantage and technological capability; future areas for comparative advantage; policy effectiveness to address under-investment in human capital; poor infrastructure; and uncompetitive market structures. The chapters in the volume draw on evidence from across the region, including countries such as Argentina, Chile, Brazil, and Costa Rica. The structural characteristics of economies within the region are identified and the potential implications considered of the re-primarization process witnessed in recent years. The volume concludes with a consideration of policy lessons from these countries and illuminates potential pathways for effective policy action in the region as a whole. With fresh insights grounded in the reality of modern-day Latin America, Innovation, Competitiveness, and Development in Latin America offers scholars and professionals a crucial window into Latin America's long-term developmental trajectory.