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- Title
A comparison of Latin American and African economic development with an East Asian twist.
- Authors
Grabowski, Richard
- Abstract
There are many parallels between the development of Latin America and Sub-Saharan Africa. Recent literature on this is reviewed. It is argued in the paper that the key to long-term development is the shift from inward (import substitution) to outward (export-oriented) growth. This shift involves both tariff reduction and significant investment in infrastructure and human capital accumulation. Given that much of Latin America (historically) and Sub-Saharan Africa (currently) has depended or depends on trade taxes for revenue, an outward orientation poses a significant fiscal problem, which makes it extremely difficult to switch to an export-oriented growth path. East Asian experience points to the importance of broad-based agricultural growth in making the fiscal transition.
- Subjects
LATIN America; EAST Asia; AFRICA; ECONOMIC development; ECONOMIC indicators
- Publication
Asian-Pacific Economic Literature, 2010, Vol 24, Issue 2, p104
- ISSN
0818-9935
- Publication type
Article
- DOI
10.1111/j.1467-8411.2010.01262.x