At the end of World War II, several Latin American countries seemed to be ready for industrialization and self-sustaining economic growth. Instead, they found that they had exchanged old forms of political and economic dependence for a new kind of dependency on the international capitalism of multinational corporations. In the much-acclaimed original Spanish edition (Dependencia y Desarrollo en América Latina) and now in the expanded and revised English version, Cardoso and Faletto offer a sophisticated analysis of the economic development of Latin America. The economic dependency of Latin America stems not merely from the domination of the world market over internal national and “enclave” economies, but also from the much more complex interact ion of economic drives, political structures, social movements, and historically conditioned alliances. While heeding the unique histories of individual nations, the authors discern four general stages in Latin America's economic development: the early outward expansion of newly independent nations, the political emergence of the middle sector, the formation of internal markets in response to population growth, and the new dependence on international markets. In a postscript for this edition, Cardoso and Faletto examine the political, social and economic changes of the past ten years in light of their original hypotheses.

Upon its publication in 1989, this was the first systematic and comprehensive analysis of the Latin American School of Development and an invaluable guide to the major Third World contribution to development theory. The four major strands in the work of Latin American Theorists are: structuralism, internal colonialism, marginality and dependency. Exploring all four in detail, and the interconnections between them, Cristobal Kay highlights the developed world’s over-reliance on, and partial knowledge of, dependency theory in its approach to development issues, and analyses the first major challenges to neo-classical and modernisation theories from the Third World.

Taking stock of political and economic development in the world today, this book re-examines development in an era of rapid social change, and reflects the work of an intellectual giant, Andre Gunder Frank. Gunder Frank deconstructed conventional development economics and modernization theory, creating dependency theory. Today dependency theory has been replaced by world systems analysis - the view that national and regional economic (and political) development cannot be seen in isolation; states are part of a global economy that, in a sense, dictates and limits action. This is an excellent synthesizing volume on the state of development studies. Although a great part of its purpose is to pay tribute to its intellectual fat

Latin America has been central to the main debates on development economics, ranging from the relationships between income inequality and economic growth, and the importance of geography versus institutions in development, to debates on the effects of trade, trade openness and protection on growth and income distribution. Despite increasing interest in the region there are few English language books on Latin American economics. This Handbook, organized into five parts, aims to fill this significant gap. Part I looks at long-term issues, including the institutional roots of Latin America's underdevelopment, the political economy of policy making, the rise, decline and re-emergence of alternative paradigms, and the environmental sustainability of the development pattern. Part II considers macroeconomic topics, including the management of capital account booms and busts, the evolution and performance of exchange rate regimes, the advances and challenges of monetary policies and financial development, and the major fiscal policy issues confronting the region, including a comparison of Latin American fiscal accounts with those of the OECD. Part III analyzes the region's economies in global context, particularly the role of Latin America in the world trade system and the effects of dependence on natural resources (characteristic of many countries of the region) on growth and human development. It reviews the trends of foreign direct investment, the opportunities and challenges raised by the emergence of China as buyer of the region's commodities and competitor in the world market, and the transformation of the Latin America from a region of immigration to one of massive emigration. Part IV deals with matters of productive development. At the aggregate level it analyzes issues of technological catching up and divergence as well as different perspectives on the poor productivity and growth performance of the region during recent decades. At the sectoral level, it looks at agricultural policies and performance, the problems and prospects of the energy sector, and the effects on growth of lagging infrastructure development. Part V looks at the social dimensions of development; it analyzes the evolution of income inequality, poverty, and economic insecurity in the region, the evolution of labor markets and the performance of the educational sector, as well as the evolution of social assistance programs and social security reforms in the region. The contributors are leading researchers that belong to different schools of economic thought and most come from countries throughout Latin America, representing a range of views and recognising the diversity of the region. This Handbook is a significant contribution to the field, and will be of interest to academics, graduate students and policy makers interested in economics, political economy, and public policy in Latin America and other developing economies.