Latin America is often regarded as an “economic failure,” a region prone to crises, with high inflation and other symptoms of macroeconomic instability. But that picture is largely one of the past.
Analyzing six areas of macroeconomic management and eight macroeconomic outcomes, this paper shows the substantial improvements the region has achieved in the last three decades. The main challenge for Latin America now is consolidating sustainable and inclusive growth, something that has escaped the region in the 21st century, despite several years of favorable external environment.
Even if the convergence to advanced economies seems like an unrealistic goal, improving growth drivers should be first in policymakers’ priority list.
accumulation processes compared to conventional supply-led
approaches. While leading figures of Latin American tructuralism have incorporated elements from the classical theory of value and distribution, few have extended the role of effective demand beyond explaining cyclical fluctuations. Alfredo Monza’s 1976 work, Crecimiento y Demanda, marks a decisive departure from this pattern.

inglés.