Unit 3 AT04: Structures Endowments and Institutions in the Economic History of LAtin America (Coatsworth) Flashcards
What is the central argument of the essay regarding Latin American economic history?
The essay discusses the re-emergence of political economy and the long-term impact of structures, endowments, and institutions on economic growth and development in Latin America.
Highlights the interplay of social stratification, political power, and economic strategy.
What initial economic condition did Latin America share with Western Europe and the early United States?
Latin America likely had similar per capita incomes to Western Europe and the early United States until the eighteenth century.
This challenges theories of inherent early backwardness.
What economic trend occurred in Latin America after the independence wars around 1810?
Most of Latin America experienced little to no economic growth in the half-century after the independence wars.
Specifically, Mexican GDP per capita fell substantially after 1810.
When did sustained increases in GDP per capita begin in Latin America?
Sustained increases in GDP per capita began in most larger Latin American economies in the late nineteenth or early twentieth century.
What was the overall performance of import-substitution industrialization (ISI) strategies?
Import-substitution industrialization (ISI) strategies generally performed poorly overall after a period of initial convergence.
This resulted in a decline in GDP growth rates in the last quarter of the twentieth century.
What does the emerging consensus suggest about openness to external trade and capital flows?
Openness to external trade and capital flows has generally promoted long-term economic growth.
How have high levels of inequality affected living standards in Latin America?
High levels of inequality have hindered improvements in living standards and contributed to high poverty rates.
What shift occurred in economic focus during the Washington Consensus period?
Microeconomic issues gained prominence over macrohistorical questions.
What is the Engerman and Sokoloff thesis?
The thesis argues that colonial factor endowments determined long-term development paths.
What is ‘crony capitalism’ as discussed in the essay?
‘Crony capitalism’ (or vertical political integration) is a system that facilitated economic growth in some contexts despite political instability.
It provided credible commitments to elites.
What lasting impact do colonial institutions have on economic development according to the essay?
Colonial institutions, shaped by conquest and enslavement, have had a lasting impact on economic development.
What economic performance is associated with the Washington Consensus period?
The Washington Consensus period has been the worst quarter century for Latin American economies since the nineteenth century.
What institutional deficiencies are seen as obstacles to growth?
Weak property rights and corruption are increasingly seen as significant obstacles to growth.
What political economic system emerged in the late nineteenth century?
A system characterized by weak institutions and concentrated wealth.
What potential change is suggested for the future of Latin America?
Latin America may be on the verge of a new rupture with the past, potentially leading to more equal societies and a more effective state.
What does the essay argue about the relationship between social stratification and economic strategy?
It highlights the connections between social stratification, political power, and economic strategy in Latin America.
Fill in the blank: The period of stagnation after independence requires explanations beyond _______.
simple external factors.
True or False: The failure of import-substitution industrialization supports state-led development models.
False.
What does the ‘Reversal of Fortune’ concept refer to?
It refers to the idea that regions that were most advanced before European colonization fell furthest behind after conquest.
What is the critique of the Engerman and Sokoloff thesis regarding landownership?
Landownership was not more concentrated in Latin America than in the thirteen British colonies.
What is one argument about the impact of colonial mortality rates on development?
Colonial areas with high death rates tend to have less-productive modern economies.
What is the significance of the Washington Consensus in Latin American economic history?
It represents a period of disappointing economic outcomes that questioned the effectiveness of neoliberal reforms.
What does the essay suggest about the need to revisit structuralist and dependentista texts?
It suggests that revisiting these texts may provide insights into current challenges.
What has refined our understanding of Latin America’s economic history in recent decades?
Significant research has improved knowledge of long-term trends in productivity and living standards, leading to a growing consensus on key patterns over the last three centuries.
