Bulmer-Thomas V., Coatsworth J., Cortes-Conde R. The Cambridge Economic History of Latin America: Volume 2, The Long Twentieth Century
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652 Bibliographical Essays
both theoretically and empirically. The joint book by Phillip Aghion and Jeffrey
Williamson, Growth, Inequality and Globalization (Cambridge, 1998)isagood
example of that revival. Income distribution during the first globalization boom
has been a recurrent topic in Jeffrey Williamson’s recent works, which increas-
ingly have included Latin America. For example, see “Growth, Distribution and
Demography: Some Lessons from History,” Explorations in Economic History 35
(1998); “Real Wages, Inequality, and Globalization in Latin America before 1940,”
Revista de Historia Economica, 17:N
´
umero Especial (1999); “Land, Labor, and
Globalization in the Third World, 1870–1940,” Journal of Economic History 62
(March, 2002); and with Peter Lindert, “Does Globalization Make the World
More Unequal?” in Globalization in Historical Perspective.Williamson’s main con-
clusions are that globalization implied price movements that worsened income
distribution in the resource-abundant parts of the periphery, thus strengthen-
ing the political backlash against globalization there. Finally, the existence of
the Kuznets curve is discussed in Jeffrey G. Williamson, Inequality, Poverty,
and History: The Kuznets Memorial Lecture (Oxford, 1991), and in Luis B
´
ertola,
“Income Distribution and the Kuznets Curve: Argentina and Uruguay since the
1870s” (Documento de Trabajo #52,Unidad Multidisciplinaria-FCS, Montevideo,
2002).
The connections among globalization, school enrollment, economic growth,
political participation, and income distribution have also been at the center of
comparative studies, such as that of Elisa Mariscal and Kenneth Sokoloff, “School-
ing, Suffrage, and the Persistency of Inequality in the Americas, 1800–1945,” in
Stephen Haber, ed., Political Institutions and Economic Growth in Latin America
(Stanford, 2000). Luis B
´
ertola and Reto Bertoni, “Educaci
´
on y aprendizaje en
escenarios de convergencia y divergencia” (Documento de Trabajo #46,Unidad
Multidisciplinaria-FCS, Montevideo, 1998), tackles school enrollment both as a
proxy for income distribution and for domestic efforts to develop social capabilities
in Argentina, Brazil, and Uruguay compared with the core countries.
Globalization and Economic Instability
Latin American economic instability has always attracted scholarly attention. The
structuralist and dependency approaches stressed the existence of an asymmetric
relation between cycles in the core and the periphery – for example, see Osvaldo
Sunkel and Pedro Paz, El subdesarrollo latinoamericano y la teor
´
ıa del desarrollo
(Mexico City, 1982)–similar to the way in which previous scholars had found
those cycles to be inversely related on both sides of the Atlantic economy – for
example, see Brinley Thomas, Migration and Urban Development: A Reappraisal of
British and American Long Cycles (London, 1972).
On the basis of the new data produced mainly in the 1990s and by apply-
ing new econometric techniques, a new generation of studies on instability has
appeared. In all cases, the existence of long Kuznets-like swings is confirmed and
it is argued that the impact of this instability on aggregate long-run performance
has been important. Some contributions are Claudio Contador, Ciclos econ
ˆ
omicos
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Bibliographical Essays 653
e indicadores de atividade no Brasil (Rio de Janeiro, 1977); Francisco Cribari-Neto,
“The Cyclical Component in Brazilian GDP,” Revista de Econometr
´
ıa 1 (1993);
C. K. Harley, “Transportation, the World Wheat Trade, and the Kuznets Cycle,
1850–1913,” Explorations in Economic History 17 (1980); Luis Cat
ˆ
ao, “The Transmis-
sion of Long Cycles between ‘Core’ and ‘Periphery’ Economies. A Case Study of
Brazil and Mexico, 1870–1940”(Ph.D. dissertation, Darwin College, Cambridge
University, 1991); Luis B
´
ertola, “Fases, tendencias y ciclos en las econom
´
ıas de
Argentina, Brasil y Uruguay (1870–1990),” Ciclos 10 (1996); and Luis B
´
ertola and
Fernando Lorenzo, “Componentes tendenciales y c
´
ıclicos en el PBI per capita de
Argentina, Brasil, Uruguay 1870–1988,” in Luis B
´
ertola, ed., Ensayos de Historia
Econ
´
omica: Uruguay y la Regi
´
on en la Econom
´
ıa Mundial 1870–1990 (Montevideo,
2000). Daniel Lederman concentrates on political cycles in Chile in The Political
Economy of Protection: Theory and Chilean Experience (Stanford, CA, 2005).
Globalization, Industrial Performance, and Policy
Industrial growth prior to 1930 was a neglected issue in Latin American histori-
ography thirty years ago. Most of the work written in the 1950s, 1960s, and early
1970s concentrated on mining and the agrarian sector during the first globalization
boom, whereas industrial growth was thought to be a product of the 1930s, the
result of new industrial policy and protectionism, reinforced by weakened com-
petition from the industrial countries. Thus, industrialization has been connected
with antiglobal delinking.
Criticisms of dependency theory and more empirical research both generated a
new interest in what has come to be called “early industry.” A good review of the
achievements of this early revisionist wave may be found in Colin Lewis, “Industry
in Latin America before 1930”inLeslie Bethell, ed., The Cambridge History of Latin
America, Vol. 4,c1870 to 1930 (Cambridge, 1986). This debate continued into the
1990s, although the questions were framed more sharply: Under what conditions
did domestic industrial growth take place? What role did protectionist policies
play? How did movements in the exchange rate affect industrial protection? What
role did industrial elites and industrial entrepreneurs play? These questions are
addressed in the chapters in this work by Aurora Gomez, Richard Salvucci, and
Stephen Haber.
CHAPTER 2 (ALAN M. TAYLOR)
The chapter takes as given certain aspects of macroeconomic history in the region
and the wider world. For a survey of economic performance in Latin America
over the long run, see John H. Coatsworth, “Economic and Institutional Tra-
jectories in Pre-Modern Latin America,” in John H. Coatsworth and Alan M.
Taylor, eds., Latin America and the World Economy Since 1800 (Cambridge, MA,
1999), and “Cycles of Globalization, Economic Growth, and Human Welfare
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654 Bibliographical Essays
in Latin America,” in Otto T. Solbrig, Robert L. Paarlberg, and Francesco Di
Castri, eds., Globalization and the Rural Environment (Cambridge, MA, 2001);
Victor Bulmer-Thomas, The Economic History of Latin America Since Independence,
2nd ed. (Cambridge, 2003). On the global economy in the long run, see Angus
Maddison, Monitoring the World Economy (Paris, 1995), and The World Economy:
AMillennial Perspective (Paris, 2001). On the origins of modern financial markets,
see Larry Neal, The Rise of Financial Capitalism: International Capital Markets in
the Age of Reason (Cambridge, 1990).
By the same token, space requires that we gloss over the details on the general
evolution of global capital markets. For a survey of major players in the pre-
1914 era, see Lance E. Davis and Robert E. Gallman, Evolving Financial Markets
and International Capital Flows: Britain, The Americas, and Australia, 1865–1914
(Cambridge, 2001). An historical overview of the entire period since 1870 is given
by Barry J. Eichengreen, GlobalizingCapital: A History of the International Monetary
System (Princeton, NJ, 1996). Comparisons on past and present also inform Albert
Fishlow, “Lessons from the Past: Capital Markets During the 19th Century and
the Interwar Periods,” International Organization 39 (1985): 383–416. The Great
Depression is singled out as a turning point by Maurice Obstfeld and Alan M.
Taylor, “The Great Depression as a Watershed: International Capital Mobility in
the Long Run,” in Michael D. Bordo, Claudia D. Goldin, and Eugene N. White,
eds., The Defining Moment: The Great Depression and the American Economy in the
Twentieth Century (Chicago, 1998), and “Globalization and Capital Markets,” in
Michael D. Bordo, Alan M. Taylor, and Jeffrey G. Williamson, eds., Globalization
in Historical Perspective (Chicago, 2003). A complete historical account appears
in Obsteld and Taylor, Global Capital Markets: Integration, Crisis, and Growth
(Cambridge, 2004). In the postwar period, the liberalization of capital markets has
been very slow and uneven. See Dennis P. Quinn, “The Correlates of Change in
International Financial Regulation,” American Political Science Review 91 (1997):
531–51.Onthe state of global capital markets today, see International Monetary
Fund, International Capital Markets: Developments, Prospects, and Key Policy Issues
(Washington, DC, 1997), and IMF, WorldEconomic Outlook (Washington, DC,
October 2001).
Much has been written recently on the long-run integration of the world econ-
omy more generally. For example, see Michael D. Bordo, Barry Eichengreen, and
Douglas A. Irwin, “Is Globalization Today Really Different Than Globalization a
Hundred Years Ago?” Brookings Trade Forum (Washington, DC, 1999); Kevin H.
O’Rourke and Jeffrey G. Williamson, Globalization and History: The Evolution of
aNineteenth-Century Atlantic Economy (Cambridge, MA, 1999); Alan M. Taylor
and Jeffrey G. Williamson, “Convergence in the Age of Mass Migration,” Euro-
pean Review of Economic History 1, 1 (1997): 27–63; and the various chapters in
Globalization in Historical Perspective (cited previously).
On the impact of British capital in Latin America in the nineteenth and early
twentieth centuries, the standard reference is J. Fred Rippy, British Investments in
Latin America, 1822–1949:ACase Study in the Operations of Private Enterprise in
Retarded Regions (Minneapolis, MN, 1959). On government debt and crises, see
Carlos Marichal, ACentury of Debt Crises in Latin America: From Independence to
the Great Depression, 1820–1930 (Princeton, NJ, 1989).
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Bibliographical Essays 655
Data on nineteenth-century British capital exports can be found in Charles H.
Feinstein, “Sources and Methods of Estimation for Domestic Reproducible Fixed
Assets and Works in Progress, Overseas Assets, and Land,” in Charles H. Feinstein
and Sidney Pollard, eds., Studies in Capital Formation in the United Kingdom:
1750–1920 (Oxford, 1988); D.C. M. Platt, Britain’s Investment Overseas on the Eve
of the First World War: The Use and Abuse of Numbers (New York, 1986); Irving
Stone, “British Direct and Portfolio Investment in Latin America Before 1914,”
Journal of Economic History 37 (1977): 690–722; and The Global Export of Capital
from Great Britain, 1865–1914:AStatistical Survey (New York, 1999). On European
capital exports as a whole, see Herbert Feis, Europe, The World’s Banker, 1870–1914:
An Account of European Foreign Investment and the Connection of World Finance
with Diplomacy Before the War (New Haven, CT, 1931). On U.S. capital exports
in the twentieth century, see Barbara Stallings, Banker to the Third World: U.S.
Portfolio Investment in Latin America, 1900–1986 (Berkeley, CA, 1987). For a long-
run look at foreign investment stocks and especially foreign direct investment, see
also Michael J. Twomey, “Patterns of Foreign Investment in Latin America in the
Tw entieth Century,” in Latin America and the World Economy Since 1800 (cited
previously), and ACentury of Foreign Investment in the Third World (London,
2000); and William Woodruff, Impact of Western Man: A Study of Europe’s Role in
the World Economy 1750–1960 (New York, 1967).
Quantitative historians are now beginning to model foreign investment patterns,
seeking to identify the determinants of British capital export, its quantities, and
prices. See Michael D. Bordo and Hugh Rockoff, “The Gold Standard as a ‘Good
Housekeeping Seal of Approval,’ ” Journal of Economic History 56, 2 (1996): 389–
428;Michael Clemens and Jeffrey G. Williamson, “Wealth Bias in the First Global
Capital Market Boom, 1870–1913,” Economic Journal 114 (2004): 304–37;Michael
Edelstein, Overseas Investment in the Age of High Imperialism (New York, 1982);
NiallFerguson, “Globalization with Gunboats: The Costs and Benefits: The British
Empire Revisited” (Oxford, April 2002, photocopy); and Maurice Obstfeld and
Alan M. Taylor, “Sovereign Risk, Credibility, and the Gold Standard: 1870–1913
versus 1925–31,” Economic Journal 113 (2003): 1–35.
The problems of sovereign debt, default, and reputation constitute a major
theme in the literature. See Peter H. Lindert and Peter J. Morton, “How Sovereign
Debt Has Worked,” in Jeffrey D. Sachs, ed., Developing Country Debt and the World
Economy (Chicago, 1989), and Michael Tomz, “How Do Reputations Form? New
and Seasoned Borrowers in International Capital Markets” (paper presented at the
2001 Annual Meeting of the American Political Association, San Francisco); and
Sovereign Debt and International Cooperation (forthcoming). On the debt crisis of
the 1820s, see Frank G. Dawson, The First Latin American Debt Crisis: The City of
London and the 1822–25 Loan Bubble (New Haven, CT, 1990).
On Brazil’s crises, see Eliana A. Cardoso and Rudiger Dornbusch, “Brazilian
Debt Crises: Past and Present,” in Barry J. Eichengreen and Peter H. Lindert, eds.,
The International Debt Crisis in Historical Perspective (Cambridge, MA, 1989); Gail
D. Triner, “International Capital and the Brazilian Encilhamento, 1889–1892:An
Early Example of Contagion among Emerging Capital Markets?” (paper presented
at the Economic History Association Conference, Philadelphia, PA, October 2001).
On Argentina’s crises, see W. H. Bishop, “The Argentine Crisis,” Economic Journal
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656 Bibliographical Essays
1 (1891): 533–8;Roberto Cort
´
es Conde, Dinero, deuda y crisis: evoluci
´
on fiscal y
monetaria en la Argentina, 1862–1890 (Buenos Aires, 1989); Gerardo della Paolera
and Alan M. Taylor, Straining at the Anchor: The Argentine Currency Board and the
Search for Macroeconomic Stability, 1880–1935,NBER Series on Long-Term Factors
in Economic Growth (Chicago, 2001), and “Gaucho Banking Redux,” Econom
´
ıa
3 (2003): 1–42;Barry J. Eichengreen, “The Baring Crisis in a Mexican Mirror”
(University of California, Berkeley, February 1997); and John H. Williams, Argen-
tine International Trade Under Inconvertible Paper Currency, 1880–1900 (Cambridge,
MA, 1920).
The interwar crisis has been studied exhaustively, including its implications for
global capital markets. On the role of the gold standard, see Barry J. Eichengreen,
Golden Fetters: The Gold Standard and The Great Depression 1919–1939 (Oxford,
1992), and Barry J. Eichengreen and Jeffrey D. Sachs, “Exchange Rates and Eco-
nomic Recovery in the 1930s,” Journal of Economic History 45, 4 (1985): 925–46.For
aregional perspective, see Jos
´
eManuel Campa, “Exchange Rates and Economic
Recovery in the 1930s: An Extension to Latin America,” Journal of Economic His-
tory 50, 3 (1990): 677–82.Debt and default are treated in Barry J. Eichengreen and
Richard Portes, “After the Deluge: Default, Negotiation, and Readjustment during
the Interwar Years,” in The International Debt Crisis in Historical Perspective (cited
previously). A seminal account of the depression on the periphery remains that of
Charles P. Kindleberger, The World in Depression, 1929–1939 (Berkeley, CA, repub-
lished 1986), as well as “Commercial Policy Between the Wars,” in Peter Mathias
and Sidney Pollard, eds., The Cambridge Economic History of Europe (Cambridge,
1989).
On debt crises as a whole, see Carlos F. D
´
ıaz Alejandro, “Stories of the 1930s
for the 1980s,” in Pedro Aspe Armella, Rudiger Dornbusch, and Maurice Obst-
feld, eds., Financial Policies and the World Capital Market: The Problem of Latin
American Countries (Chicago, 1983), and “Good-Bye Financial Repression, Hello
Financial Crash,” Journal of Development Economics 19 (1985): 1–24; Albert Fishlow,
“Conditionality and Willingness to Pay: Some Parallels from the 1890s,” and Erika
Jorgensen and Jeffrey Sachs, “Default and Renegotiation of Latin American Foreign
Bonds in the Interwar Period,” both in The International Debt Crisis in Historical
Perspective (cited previously); and Jeffrey D. Sachs, ed., Developing Country Debt
and the World Economy (Chicago, 1989). For a discussion of crises and their costs, see
Michael D. Bordo et al., “Is the Crisis Problem Growing More Severe?” Economic
Policy 32 (2001): 51–82.
The problems of the interwar period for capital markets have been well explored
by scholars. On the export of capital from Britain between the wars and the restric-
tions thereon, see John Michael Atkin, British Overseas Investment, 1918–1931 (New
York, 1977). On the appearance of exchange control in interwar Latin America, see
Herbert M. Bratter, “Foreign Exchange Control in Latin America,” Foreign Policy
Reports 14, 23 (1939): 274–88.Onthe political and ideological reaction against free
markets starting in the 1930s, see Deepak Lal, The Poverty of Development Economics
(Cambridge, MA, 1985); Ragnar Nurkse, “International Investment Today in the
Light of Nineteenth-Century Experience,” Economic Journal 64 (1954): 744–58;
and Karl Polanyi, The Great Transformation (New York, 1944).
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Bibliographical Essays 657
On the problems of categorizing postwar exchange rate regimes, see Eduardo
Levy Yeyati and Federico Sturzenegger, “Classifying Exchange Rate Regimes:
Deeds vs. Words,” European Economic Review 49 (2005): 1603–35, and Carmen M.
Reinhart and Kenneth S. Rogoff, “The Modern History of Exchange Rate Arrange-
ments: A Reinterpretation,” Quarterly Journal of Economics 119 (2004): 1–48.
The sources of growth in Latin America and the contribution of capital accu-
mulation have been studied in a growth accounting framework by Victor J. Elias,
Sources of Growth: A Study of Seven Latin American Economies (San Francisco, 1992),
and Andr
´
eA.Hofman, The Economic Development of Latin America in the Twen-
tieth Century (Northampton, MA, 2000). Investment has also been found to be a
robust determinant of growth in regression analyses. See, for example, Ross Levine
and David Renelt, “A Sensitivity Analysis of Cross-Country Growth Regressions,”
American Economic Review 82 (1992): 942–63; and Francisco Rodr
´
ıguez and Dani
Rodrik, “Trade Policy and Economic Growth: A Skeptic’s Guide to Cross-National
Evidence,” in Ben S. Bernanke and Kenneth Rogoff, eds., NBER Macroeconomics
Annual 2001 (2000). The question as to why more capital does not flow to poor
countries, if technology is transferable, was posed by Robert E. Lucas, Jr., “Why
Doesn’t Capital Flow from Rich to Poor Countries?” American Economic Review
80, 2 (1990): 92–6.Technology is likely not very transferable. On how much cap-
ital accumulation and technology transfer might counterfactually contribute to
narrowing the gap between rich and poor nations, see Robert E. Hall and Charles
I. Jones, “Why Do Some Countries Produce So Much More Output per Worker
than Others?” Quarterly Journal of Economics 114, 1 (1999): 83–116.Even with low
technology levels, which, in turn, imply low capital stocks, distortions in capi-
tal markets could be the source of considerable retardation in the periphery. See
Pierre-Olivier Gourinchas and Olivier Jeanne, “The Elusive Gains from Interna-
tional Financial Integration,” NBER Woring Paper no. 9684 (Cambridge, MA,
2003).
On postwar capital market policies, see Pedro Aspe Armella, Rudiger
Dornbusch, and Maurice Obstfeld, Financial Policies and the World Capital Market:
The Problem of Latin American Countries (Chicago, 1983). On other possible causes
of foreign capital exclusion from Latin America, see Charles I. Jones, “Economic
Growth and the Relative Price of Capital,” Journal of Monetary Economics 34 (1994):
359–82; Alan M. Taylor, “Tres fases del crecimiento econ
´
omico argentino,” Revista
de Historia Econ
´
omica 12 (1994): 649–83;“Debt, Dependence, and the Demo-
graphic Transition: Latin America into the Next Century,” WorldDevelopment 23, 5
(1995): 869–79;“Argentina and the World Capital Market: Saving, Investment, and
International Capital Mobility in the Twentieth Century,” Journal of Development
Economics 57, 1 (1998): 147–84;“On the Costs of Inward-Looking Development:
Price Distortions, Growth, and Divergence in Latin America,” Journal of Economic
History 58, 1 (1998): 1–28; and “Latin America and Foreign Capital in the Twentieth
Century: Economics, Politics, and Institutional Change,” in Stephen Haber, ed.,
Institutions and Latin American Economic Growth (Stanford, 2000).
On the role of institutions in economic performance, see Daron Acemoglu,
Simon Johnson, and James A. Robinson, “The Colonial Origins of Compara-
tive Development: An Empirical Investigation,” American Economic Review 91
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658 Bibliographical Essays
(December 2001): 1369–96, and Dani Rodrik, Arvind Subramanian, and Francesco
Tr ebbi, “Institutions Rule: The Primacy of Institutions over Geography and Inte-
gration in Economic Development” (National Bureau of Economic Research,
Working Paper Series no. 9305,November 2002).
CHAPTER 3 (MARCELO DE PAIVA ABREU)
This bibliographic essay is necessarily incomplete given space limitations, the long
time span covered, and the large number of economies involved. This is partic-
ularly true for the smaller economies. It should be complemented by the three
bibliographical essays covering economic matters in post-1929 Latin America as
a whole, included in Leslie Bethell, ed., The Cambridge History of Latin America,
vol. 9, Bibliographical Essays (Cambridge, 1995).
To put Latin America in the global context, reference to general works on the
world economy is necessary. For financial developments in the world economy over
the whole period, see Barry Eichengreen, Globalizing Capital: A History of the Inter-
national Monetary System (Princeton, NJ, 1996). Other relevant books on financial
matters in specific subperiods include Barry Eichengreen, Golden Fetters: The Gold
Standard and the Great Depression, 1919–1939 (London, 1996); Richard Gardner,
Sterling-Dollar Diplomacy: The Origins and Prospects of Our International Economic
Order (New York, 1969); and Robert Solomon, The International Monetary System
1945–1981 (New York, 1982). For the relations of the International Monetary Fund
with Latin America, see J. Keith Horsefield, ed., The International Monetary Fund,
1945–1965:Twenty Years of International Monetary Cooperation, 3 vols. (Washing-
ton, DC, 1969); Margaret de Vries, The International Monetary Fund, 1966–1971:
The System Under Stress, 2 vols. (Washington, DC, 1976); and The International
Monetary Fund, 1972–1978: Cooperation on Trial, 3 vols. (Washington, DC, 1985).
On the relations of Latin America with the World Bank, the standard histories
are Edward S. Mason and Robert E. Asher, The World Bank Since Bretton Woods
(Washington, DC, 1973); and Devesh Kapur, John P. Lewis, and Richard Webb,
eds., The World Bank: Its First Half Century,vol. 1, History (Washington, DC,
1997). For operations of the Inter-American Development Bank, see Sidney Dell,
The Inter-American Bank: A Study in Development Financing (New York, 1972), and
Diana Tussie, El BID (Buenos Aires, 1997).
Relevant works on trade or trade-related policies in the 1930sareHenryJ.
Tasca, The Reciprocal Trade Policy of the United States: A Study in Trade Philos-
ophy (Philadelphia, 1938); Howard S. Ellis, Exchange Control in Central Europe
(Cambridge, MA, 1941); and Larry Neal, “The Economics and Finance of Bilateral
Clearing Agreements: Germany, 1934–8,” Economic History Review 32, 2 (1979):
391–404. After World War II, the focus changed to export and import structures.
On primary commodities, see J. W. F. Rowe, Primary Commodities in Interna-
tional Trade (Cambridge, 1965). On exports of manufactures, see Alfred Maizels,
“Recent Trends in Latin America’s Exports to the Industrialized Countries,” in
Victor L. Urquidi and Rosemary Thorp, eds., Latin America in the World Economy
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Bibliographical Essays 659
(London, 1973), and Gustav Ranis, “Challenges and Opportunities Posed by Asia’s
Superexporters: Implications for Manufactured Exports from Latin America,” in
Werner Baer and Malcolm Gillis, eds., Export Diversification and the New Protec-
tionism (Urbana, IL, 1981). Robert Hudec, Developing Countries in the GATT Legal
System (London, 1988), is useful on Latin America and the General Agreement on
Tariffs and Trade.
From the late 1940s, the Economic Commission for Latin America (ECLAC) is
a major source of data and studies on Latin American economies. For example, see
ECLAC, Economic Survey ofLatin America (New York, severalyears), especially 1948
and 1949, and The Economic Development of Latin America and its Principal Problems
(Lake Success, NY, 1950). On Ra
´
ul Prebisch’s contributions, see Adolfo Gurriere,
ed., La obra de Prebisch en la CEPAL, 2 vols. (Mexico City, 1982), and Arturo
O’Connell, “The Return of the ‘Vulnerability’ and Ra
´
ul Prebisch’s Early Thinking
on the Argentine Business Cycle,” Cepal Review 75 (2001): 51–65.Inthe mid-1950s,
a series of extremely influential reports on the main Latin American economies was
published by ECLAC under the general title of An
´
alisis y proyecciones del desarrollo
econ
´
omico.Articles published in the Economic Bulletin for Latin America, and later
in the Cepal Review, have also been influential. For example, see “The Growth and
Decline of Import Substitution in Brazil,” Economic Bulletin for Latin America 9
(1964): 1–61.
Brian R. Mitchell, International Historical Statistics: The Americas, 1750–1993
(New York, 1998)isauseful compilation to be handled with care. Angus Maddi-
son, Monitoring the World Economy, 1820–1992 (Paris, 1995), includes world GDP
estimates since 1820.But see the much more detailed official historical statistics
from country sources, such as Estat
´
ısticas hist
´
oricas brasileiras. S
´
eries econ
ˆ
omicas,
demogr
´
aficas e sociais de 1550 a 1988 (Rio de Janeiro, 1990); Estad
´
ısticas hist
´
oricas de
M
´
exico (Mexico City, 1994); and Miguel Urrutia and Mario Arrubla, eds., Com-
pendio de estad
´
ısticas hist
´
oricas de Colombia (Bogot
´
a, 1970). For many countries,
there are databases that include historical data in the Internet sites of central banks
or ministries of the economy. For Chile, see Juan Braun et al., “Econom
´
ıa chilena
1810–1995: Estad
´
ısticas hist
´
oricas” (Documento de Trabajo 187,Pontificia Universi-
dad Cat
´
olica de Chile, Instituto de Econom
´
ıa, Santiago de Chile, 2000). There are
unofficial, less satisfactory sources of historical data such as V. V
´
asquez-Presedo,
Estad
´
ısticas hist
´
oricas argentinas II (Comparadas). Segunda Parte 1914–1939 (Buenos
Aires, 1976).
The economic history of Latin America as a whole is analyzed in three chap-
ters of Leslie Bethell, ed., The Cambridge History of Latin America,vol. 6, Latin
America since 1930.Economy, Society and Politics, part 1, Economy and Society
(Cambridge, 1994): Victor Bulmer-Thomas, “The Latin American Economies,
1929–1939”; Rosemary Thorp, “The Latin American Economies, 1939-c.1950”; and
Ricardo French-Davis, Oscar Mu
˜
noz, and Jos
´
eGabriel Palma, “The Latin Ameri-
can Economies, 1950–1990.” They cover many aspects related to Latin America and
the world economy. Victor Bulmer-Thomas, The Economic History of Latin America
since Independence, 2nd ed. (Cambridge, 2003)isthe standard general economic his-
tory. Other contributions on Latin America as a whole, arranged in the chronolog-
ical order of periods analyzed, are John H. Williams, “American Foreign Exchange
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660 Bibliographical Essays
Problems in Brazil, Argentina, Chile and Uruguay, 1934,” in Foreign Relations of
the United States 1934. The American Republics,vol. 4 (Washington, DC, 1951),
390–422; Carlos F. D
´
ıaz-Alejandro, “Latin America in the 1930s,” in Rosemary
Thorp, ed., An Economic History of Twentieth-Century Latin America,vol. 2, Latin
America in the 1930s: The Role of the Periphery in World Crisis (Basingstoke, 2000);
Robert Triffin, “Central Banking and Monetary Management in Latin America,”
in Seymour Harris, ed., Economic Problems of Latin America (New York, 1944);
Angus Maddison, TwoCrises: Latin America and Asia 1929–38 and 1973–83 (Paris,
1991); Celso Furtado, Economic Development of Latin America: A Survey from Colo-
nial Times to the Cuban Revolution (Cambridge, 1970); Albert Hirschman, ABias
for Hope. Essays on Development and Latin America (New Haven, CT, 1971); and
Rosemary Thorp and Laurence Whitehead, eds., Inflation and Stabilisation in
Latin America (Basingstoke, 1979). On economic integration, see Sidney Dell, A
Latin American Common Market? (London, 1966); and M. H. J. Finch, “The Latin
American Free Trade Association,” in Ali M. El-Agraa, ed., International Economic
Integration (Basingstoke, 1988). There are other chapters of interest on subregional
integration in the latter book.
Foragood source on long-term capital flows, see United Nations, Department
of Economic and Social Affairs, External Financing in Latin America (New York,
1965). For a useful collection of essays on financial advisors, see Paul W. Drake,
ed., Money Doctors, Foreign Debts, and Economic Reforms in Latin America from the
1890stothe Present (Wilmington, DE, 1994). Barbara Stallings, Banker to the Third
World. United States Portfolio Investment in Latin America, 1900–1986 (Berkeley, CA,
1987)isthe standard source on U.S. portfolio investment. Also, see Cleona Lewis,
America’s Stake in International Investments (Washington, DC, 1938). William H.
Wynne, State Insolvency and Foreign Bondholders,vol. 2, Selected Case Histories
of Governmental Foreign Bond Defaults and Debt Readjustments (New Haven, CT,
1951); Marcelo de Paiva Abreu, “Debt Policies in South America, 1929–1945,” Brazil-
ian Journal of Political Economy 20 (2000): 63–75;and selected chapters of Barry
Eichengreen and Peter Lindert, eds., The International Debt Crisis in International
Perspective (Cambridge, MA, 1989), analyze the policies adopted by different Latin
American economies on the foreign debt following the shock in the late 1920s. For
the more recent period, see Robert Devlin, Debt and Crisis in Latin America. The
Supply Side of the Story (Princeton, NJ, 1989); and World Bank, WorldDebt Tables.
Giorgio Fodor, “The Origin of Argentina’s Sterling Balances, 1939–1943,” in Guido
di Tella and Christopher Platt, eds., The Political Economy of Argentina, 1880–1946
(Basingstoke, 1985); and Marcelo de Paiva Abreu, “Brazil as a Creditor: Sterling
Balances, 1940–1952,” Economic History Review 43, 2 (1990): 450–469, consider the
unusual experience of Latin American countries as creditors.
D. M. Phelps, The Migration of Industry to Latin America (New York, 1936)is
excellent on early foreign direct investment. For early data, see U.S. Department
of Commerce, Office of Business Economics, U.S. Investments in the Latin Amer-
ican Economy (Washington, DC, 1957). Data presented in Fred J. Rippy, British
Investments in Latin America, 1822–1949.ACase Study in the Operations of Private
Enterprise in Retarded Regions (Minneapolis, MN, 1959), should be complemented
with the more reliable Bank of England, United Kingdom Overseas Investments 1938
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Bibliographical Essays 661
to 1948 (London, 1950). Also, see Mira Wilkins, The Maturing of Multinational
Enterprise. American Business Abroad from 1914 to 1970 (Cambridge, MA, 1974).
For Argentina, the whole period is well covered by Guido di Tella and Christo-
pher Platt, eds., The Political Economy of Argentina, 1880–1946 (Basingstoke, 1985);
Guido di Tella, Argentina under Per
´
on, 1973–76: The Nation’s Experience with a
Labour-based Government (Basingstoke, 1983); and Guido di Tella and Rudiger
Dornbusch, eds., The Political Economy of Argentina, 1976–1983 (Basingstoke, 1989).
Carlos F. D
´
ıaz-Alejandro, Essays on the Economic History of the Argentine Republic
(New Haven, CT, 1970)isaclassic source. Pablo Gerchunoff and Lucas Llach, El
ciclo de la ilusi
´
on del crecimiento: Un siglo de pol
´
ıticas econ
´
omicas argentinas (Buenos
Aires, 1998)covers the whole 1928–1982 period and more, as does Marie-Ange
Veganzones and Carlos Winograd, Argentina in the 20th Century: An Account of
Long-Awaited Growth (Paris, 1997).
On the 1930s, see also Jorge Fodor and Arturo O’Connell, “La Argentina y
la econom
´
ıa atl
´
antica en la primera mitad del siglo XX,” Desarollo Econ
´
omico 13
(1973): 1–67;Gerardo della Paolera and Alan Taylor, “Economic Recovery from the
Argentine Great Depression: Institutions, Expectations and the Change of Macroe-
conomic Regime,” Journal of Economic History 59 (1999): 567–99; and Arturo
O’Connell, “Argentina into the Depression: Problems of an Open Economy,” in
Rosemary Thorp, ed., Economic History of Twentieth-Century Latin America,vol. 2,
Latin America in the 1930s (Basingstoke, 2000). Virgil Salera, Exchange Control and
the Argentine Market (New York, 1941)isaclassic. For balance of payments data,
see Manuel Balboa, “La evoluci
´
on del balance de pagos de la Rep
´
ublica Argentina,
1913–1950,” Desarollo Econ
´
omico 12 (1972): 153–172.For the initial Per
´
on years, see
Jorge Fodor, “Per
´
on’s Policies for Agricultural Exports, 1946–1948:Dogmatism or
Common Sense?” in David Rock, ed., Argentina in the Twentieth Century (London,
1975). For the 1950s, see Carlos D
´
ıaz-Alejandro, Exchange Rate Devaluation in a
Semi-Industrialized Country: The Argentine Experience, 1955–1961 (Cambridge, MA,
1965); and Richard Mallon and Juan Sourrouille, Economic Policymaking in a Con-
flict Society. The Argentine Case (Cambridge, MA, 1975).
On Brazil, see the essays in Marcelo de Paiva Abreu, ed., Aordem do progresso:
Cem anos de pol
´
ıtica econ
ˆ
omica republicana 1889–1989 (Rio de Janeiro, 1990), which
cover the whole 1928–1982 period. Albert Fishlow, “Origins and Consequences of
Import Substitution in Brazil,” in L. E. DiMarco, ed., International Economics and
Development: Essays in Honor of Ra
´
ul Prebisch (New York, 1972), deals with import
substitution in the long term, as does Marcelo de Paiva Abreu, Afonso Bevilaqua,
and Demosthenes Madureira de Pinho Netto, “Import Substitution and Growth
in Brazil, 1890s–1970s,” in Enrique C
´
ardenas, Jos
´
e Antonio Ocampo, and Rose-
mary Thorp, eds., An Economic History of Twentieth-Century Latin America,vol.
3, Industrialization and the State in Latin America: The Postwar Years (Basingstoke,
2000). Antonio Delfim Netto, Oproblema do caf
´
enoBrasil (S
˜
ao Paulo, 1959), is
the classic source on coffee.
On the 1930s, see Marcelo de Paiva Abreu, “Argentina and Brazil during the
1930s: The Impact of British and US International Economic Policies,” in Rose-
mary Thorp, ed., An Economic History of Twentieth-Century Latin America,vol. 2,
Latin America in the 1930s: The Role of the Periphery in World Crisis (cited previously).