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Achieving Development SuccessStrategies and Lessons from the Developing World$
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Augustin K. Fosu

Print publication date: 2013

Print ISBN-13: 9780199671557

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199671557.001.0001

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Between Past and Future of Latin America: Lessons from Brazil, Chile, Costa Rica, and the Dominican Republic

Between Past and Future of Latin America: Lessons from Brazil, Chile, Costa Rica, and the Dominican Republic

Chapter:
(p.406) 19 Between Past and Future of Latin America: Lessons from Brazil, Chile, Costa Rica, and the Dominican Republic
Source:
Achieving Development Success
Author(s):

Eliana Cardoso

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199671557.003.0019

Three important themes permeate the literature on economic development in Latin America: firstly, macroeconomic stabilization after a long history of inflation; secondly, income inequality; and, thirdly, the impact of exports of natural resources on development. This chapter first discusses macro-developments in Brazil, Chile, Costa Rica, and the Dominican Republic, before addressing the other two themes. All four countries present important lessons from Latin America. Openness to the world economy and the ability to diversify exports has served Costa Rica and the Dominican Republic well. And so have competitive economic reforms by Brazil. However, these reforms have not been sufficient to produce durable sustainable growth. Chile's much deeper reforms hold the key to longer term sustainability.

Keywords:   macroeconomic policy, economic development, economic growth, poverty, income inequality, exports, economic reforms

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