By Enrique Cárdenas, José Antonio Ocampo, Rosemary Thorp (eds.)

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Additional resources for An Economic History of Twentieth-Century Latin America: Volume 3: Industrialization and the State in Latin America: The Postwar Years

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4 Exports as % of GDP Source: ECLAC. 21 In the largest countries, this included exports of machinery and equipment, primarily to other Latin American countries, and even of pure technology in the form of licenses and engineering services (Katz, 1998). New agricultural products ± soybeans, orange juice, fresh fruits and vegetables, cut flowers, and so on ± were also added to the export basket in several countries. 3 ECLAC. The inability to rationalize the complex `geological' pattern of import protection had important costs.

It indicates that in Latin America, domestic financial crises have been basically associated with the aftermath of external debt booms. The tendency to overburden the state with fiscal responsibilities without an adequate counterpart in resource mobilization was another central feature of the Latin American macroeconomic scenario during our period of analysis, which erupted in a fairly generalized fiscal crisis in the 1970s. Fitzgerald argues in his contribution to this volume (see, also, Fitzgerald, 1978) that this was not intrinsic to import substitution or state-led industrialization, but should rather be located in a particular form of state intervention which had three distinguishing features: (i) a rise in government expenditures as a proportion of GDP, but with a lower proportion of welfare expenditure than in industrialized countries; (ii) a shift in tax composition away from property and income Enrique CaÂrdenas, Jose Antonio Ocampo and Rosemary Thorp 29 taxes into indirect and wage taxation; and, as a consequence, (iii) rising borrowing requirements to finance transfers to the private sector rather than to redistribute income, which can hardly be called a form of `populism'.

As we have pointed out, this was certainly paradoxical, as integration was viewed as the major means to reduce the costs from import substitution. 22 Nonetheless, the benefits that ECLAC envisioned from that process were only captured partially, through the creation of larger markets for complementary goods. The other part, the benefit from restricted competition in subregional or regional markets, was not captured, as the liberalization of competitive goods was generally very limited ± a major exception was the Central American Common Market.

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