Abstract

SALAMA, Pierre. Why do Latin American countries suffer a long-term economic stagnation? A study from the cases of Argentina, Brazil and Mexico. El trimestre econ [online]. 2020, vol.87, n.348, pp.1083-1132.  Epub Mar 05, 2021. ISSN 2448-718X.  https://doi.org/10.20430/ete.v87i348.1167.

The article deals with the latent crisis situation that has existed in Latin America for several decades. Average per capita growth rates over a long period of time in most Latin American countries are between 0 and 2%. Since the 1980s and 1990s, the trend towards stagnation has not been explained in the same way in the large Latin American countries. While there are common causes, the weight of each factor differs. This article sets out the various theories on the trend towards economic stagnation. Its originality is that not only does it underline the role of inequalities in income and wealth and deindustrialization, but it also stresses the causes of economic volatility and its consequences on the low average per capita growth rate, which is particularly pronounced in some countries.

Contrary to a relatively shared idea, these economies have been little or not emerging from 1990 to now, except between 2000-2012 more and less. They have therefore not converged, or only to a limited extent, towards the per capita income level of the advanced countries, unlike many Asian countries. Latin American countries are experiencing several crises at the same time, which feed of each other. The crisis is deep. It is structural as it calls to question the very modes of expansion of capitalism in recent decades. Therefore, only responses at this level can make it possible to overcome the obstacles to sustainable development, to the inclusion of those, the majority, who are rejected.

Keywords : Structures; stagnation; deindustrialization; volatility; income inequality; Latin America.

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