The Structural Transformation of Latin America - Luis Sanchez-Masi - Bog

Since the 1980s, Latin American economic growth has become erratic, below the world average, and the region has been losing relative importance in the global context, as evidenced by abundant statistical information. Latin America's lag is multifaceted; it includes the economic, scientific, technological, social, and institutional fields. The seriousness of this situation is compounded by the fact that this is not a recent occurrence; four decades have already been lost. This Essay identifies some of the most relevant circumstances that are hindering Latin American development by impeding its structural transformation, and postulates the framework for an alternative development paradigm that combines government designed objectives and strategies with instruments and incentives typical of a market economy. The core of this eclectic paradigm is the transformation of the productive structure as the "catalyst agent" for a sustained and inclusive development.