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account statistics, national, 22, 84 African slaves in the Indies, 132 agricultural activities, no machinery, 11 agricultural goods, protection for farmers, Europe, 30 agricultural machinery export and import, 69, 71 agricultural machinery industry, Argentina main market for US, 202n14 agricultural specialization in Argentina, 79 agricultural trade liberalization, 38 agro-exportation, 989 AMECO database, 91 Anglo-Saxon system, reporting of imports, general trade, 46 Argentina, Brazil, Mexico durable goods, 17990 economy today, 8, 1415 main market for US, 202 nineteenth-century (18501913) economic performance, 24 Argentina and Chile, most advanced in electrification, 82 automobiles, 188 domestic goods, 1834 bagasse, as fuel, 135, 142, 144 banana exports, 93, 98 Baring crisis, investment collapse, 1890, 77 bilateral trade data, Colombia and United States, 159 biofuel crisis, Cuba, 184060, 137 biomass energies, dependence on, 9, 137, 139 Bolivia central government, fiscal revenues, sources, 169, 1757

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capital formation, 69 capital goods imports, 1227 Chile, 11930 Caribbean backwardness, origins, 2, 202 causality test results, 1278 cement consumption, 59 impact of First World War, 978 cereal cultivation in Argentina, 75 cereal exports of Chile, 110 charcoal in economic activities, 11 Chile, 10517 colonial elite, 107, 10911 durable goods, 17990 economy today, 8, 1415 emancipation, 117 export of coal to Bolivia, 63 growth from 1750 to 1846, 11213 political stability, 111 Portaliano state, 212n29

imports from US, 61 public revenues, 167 Brazil, durable goods, 17990 Bretton Woods agreement, 1940 national accounts for world, 22 British coal supply to Latin America and the Caribbean, 63 British colonial past of USA, 13 British trade dependence on, Argentina, Brazil, Uruguay, 64 importation dependence before First World War, 5960 Bryan-Chamarro Treaty, 1916 canal building, Nicaragua, 103 bunkering, records of imports and exports, 45

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The Economies of Latin America main cement consumer, 978 most suffering during war, 103 oil consumption, 967 trade statistics, 1927, 96 countries with high dependence on US, 64 Creole society in sugar business, 134 Cuba, 10517 advanced in electrification, 82 cheap energy from forests, 131 durable goods, 17990 economic policy, 108 growth from 1750 to 1846, 11213 imports from US, 61 War of Independence with Spain, 32 Cuban elite aversion to power sharing, 111 Spanish colonialism till 1898, 107 Cuban energy transition, 1424 sugar industry, destruction of forests, 142 Cuban War of Independence, from Spain, 139, 140 currencies, varied, 21 currency convertibility, 29 data sources, unreliability, 87 debt crisis in Latin America, 1980s, 153 deforestation, Cuba, 18781913, 1334, 13740 demand effects for durable goods, 1801 demographic explosion, 16 desertification and drought, modern, 144 desertification in Cuba, 218n13 developed countries and Third World, 163 domestic consumption of durable goods, 1814 double factorial terms of trade (DFTT), 14851, 1568, 1624 draught animal use, 11 durable goods consumption motor cars, sewing machines, fountain pens, 1816 types chosen for statistics, 17980, 1834

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coal and steam engine, Cuba and Chile, 113 coal consumption figures, low, 9 coal exportation, dependency on, 63 coal producers, Mexico, Peru, Chile trade with Britain and US, 64 coal to Latin-American countries, 1925, 46, 60, 957 inaccurate reporting of imports, 4752 coal to oil transition in Cuba, 1434 coal trade Latin American, 556, 623 market shares, cluster analysis, 636 Cobb Douglas production function, 121 coffee exporting, Costa Rica, 93 Cold War context, 16, 29 Colombia terms of trade, 19752006, 14765 trade with US, 163 colonial origins of Latin American and Caribbean underdevelopment, 20 colonial pact with Spain, 117, 108 colonialism Asia and Africa, 13 Iberian, Latin American backwardness, 107 commodities versus manufactures, incomeelasticity of demand, 149 communist expansion fear of Western Europe, 289 competition in world manufacturing markets, 31 compound annual growth rate, different investments, 77 consumer price index, increase, 1516 consumption demand analysis, 1856 consumption of durable goods 18901913, Latin America, 17990 convergence criterion, 7 cooperation international and domestic, post-war western Europe, 40 incentives, 38 lack of, 40 opportunism and, 38 corruption, 12, 14, 38 Costa Rica exports of bananas and coffee, 99 high taxes on food imports, 99

Index economic backwardness of Latin America, 1, 718 Economic Commission for Latin America and the Caribbean (ECLAC) per capita growth assessment, 192556, 23, 86 economic development, Chile, 11930 economic history of Latin America, interpretations, 2 economic inequality tradition, Spanish colonial past, 13 economic modernization, 917, 1056 consumption of modern energies, 115 Cuba and Chile, 116, 117 economic openness of Spain, 1959 on, 32 economic success of post-war Western Europe, 40 economics and economic history, 147 El Salvador coffee exports, 101 increased commerce with US, 103 indigo exports, 101 electrical equipment, 81 Cuba, Chile and Argentina, 801 electrical goods, 71 economic modernization, 77 electricity, homes without, 11 employees, 89 energy consumption, 10, 59, 957 comparison with Europe, 18501913, 116 Cuba and Chile, 114 energy, imports of, coal, petroleum, hydroelectricity, 95 Engels law on income increase, 180 England, war with Spain, 17961801, 18048, 211n18 equipment goods, Latin American and Caribbean investment in, 6982, 120, 123 ERP (Marshall Plan) countries, trade development, 30 error measurement, 48 ethnic exclusions, 20 European integration, bad for overseas countries, 31 European Payments Union (EPU), 30 European Recovery Program (ERP), 2930

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evolution of GDP per capita, Brazil, Colombia, Costa Rica, Mexico, Panama, 17 expectations, diminished, 39 export taxes, 1724 farmers political weight in Europe, 30 financial crises, 171 firewood in economic activities, 11 in sugar production, 135 First World War effect, 40 on economies of Central America, 190029, 93104 geographical patterns, 5967 impact on coal imports, 63 fiscal dependence, Bolivia, 1702 fiscal systems, varied, 21 fixed capital, 701, 120 food industry, 81 importation, 989 food processing equipment, 71 food scarcities, 19467, Europe, 30 foreign debt crisis, 1980s, 16 foreign trade Bolivia, dependence on, 170 Cuba and Chile, 115 perspective, 93104 statistics, 1925, 4157 forest loss in Cuba, 13145 50 per cent since 1492, 139 near-disappearance in Cuba, 131, 136, 140 forest use for sugar industry, 132 forests amounts, loss of, 218n20 clearing of, for cane planting, 140, 144 exploitation from 1815, 1336 fossil energies, 9, 957 fossil fuel consumption Cuba, Chile and Argentina, 105, 136, 142 imports, duties, 44 Latin American, 54, 115 sugar industry, 220n53 free trade justification, 163 free trade order, 19, 27, 28 freight factor, magnitude of, 45 fuel crisis in sugar industry, 184060, 1378

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The Economies of Latin America importers and exporters, Latin America and the Caribbean, 56 importing coal and petroleum from UK, Germany, USA, 1925, 45 income, differentiation, 148 distribution, in Latin America, 8392 elasticity of demand, 180, 1879 factorial distribution of, from national accounts data, 836, 90, 91 Index of Industrial Commodity Prices, 1862 and 1999, 154 industrial machinery, investment in, 71, 746 industrial specialization, Argentina and Chile, 7980 industrialization policies, 1, 8, 16, 128, 150 inequality estimations, 83, 84 inflation, 1516 innovations in goods, 180 institution building, domestic, 39, 40 institutions as object of analysis, 13 international prices, 15 International Trade Organization Charter, 289 international trade statistics, 434 interventionist policies, 163 investment in agricultural machinery, secondary to industrial investment, 81 and economic growth, relation between, 11930 and entrepreneurial attitudes, instability in, 12 in equipment goods, 70 in industrial sector, mining industrial, 77 investment composition in percentage of total, 18901930, 746 investment goods importation, 59 iron and steel price rises, 94 Keynes, John Maynard, law of diminishing returns, 151 LA-8 (eight countries) GDP per capita 19502008, 245

full employment in Western Europe, 28 GDP see gross domestic product (GDP) General Agreement on Tariffs and Trade (GATT), 301 geographical misallocation of trade non-seaboard countries, 45 geographical trade areas and percentages, 61 globalization, first (18091929), 6982 government revenues, Bolivia, 190031, 16870 Granger-Sims causality, 120 Great Depression, 40, 69, 179 green revolution, 142 gross domestic product (GDP), 1, 2, 70, 86, 97 growth, 18701940, 154 machinery growth rates, 129 gross domestic product (GDP) per capita values, 22, 84 30 per cent of most developed countries in Europe, 17 below United Kingdom and United States in 1820, 8 Bolivia, Ecuador, Paraguay, Peru, 12 Central American, Caribbean countries, 11 growth accounting 195073, 33, 83 Guatemala, cement, 978, 100 Haiti, poorest part of Latin America, 1820 comparison with UK and US, 7, 8 Havana, English occupation (17623), 108 Hispanic colonial institutions, non-egalitarian societies, 107 Hispanic colonial past of Latin America, 13 homogeneous products, 44 Honduras Atlantic region, post-war bonanza, 102 banana companies, rice and maize, 102 oil consumption, 967 hydroelectricity, 956, 214n41 import and export duties, Bolivian fiscal resources, 1712 import of durable goods from Europe, 182 import substitution, 150

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Index GDP per capita comparison with USA, 19002008, 25 GDP per capita comparison with Western Europe, 19002008, 26 GDP per capita, Southern Europe, 27 labour abundance, 12 labour productivity, 147, 160 Colombian, 162 labour share LA and CORE, 19602000, 90 Latin America and the Caribbean investment in equipment goods, 6982 underperformance since Great Depression, 34 worse performance than North America, western Europe, 20 Latin American backwardness, origins, 1, 202 Latin American labour shares 19502000 corrected, 88 19502000 no correction, 87 Latin American terms of trade, 152 Latin American trade statistics, 4157 Latin Americas main trade partners, 18601930, 5967 lend-lease agreements, 28 limited access social order, 39 loss of North Atlantic markets, 40 luxury goods, 188 machinery adoption, 81 abundance of labour against, 12 machinery growth rate, VAR model, 126 machinery imports, 945 machinery investment in Chile, 11930 machinery, modern, in production systems, 910 maize and wheat flour imports war influence on, 989 manufacturing capacity of Germany, 30 manufacturing DFTT between Colombia and US, 1992, 161 manufacturing industry, 71 Marshall Plan, European economic growth, 29 means of transport, 71 Mexico, 60 durable goods, 17990 military dictatorships, 1, 2, 16

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Mill, John Stuart, law of diminishing returns, 151 mineral coal, 41 data reliability on, 44 mining equipment, 71 exports and industry, Bolivia, 167, 170, 1724 resources in Latin America and the Caribbean, 1, 70 taxes, Bolivia, 1724 tools, need for, 71 monetary policy of Costa Rica, 99100 musical instruments, high income elasticity, 188 Napoleonic occupation of Spain, 211n18 national account data, 8392 income factorial distribution (IFD), 85 natural resources, abundance, 1 Bolivian tax profiting, public revenues, 168 natural resources in Cuba, 131 negative growth prospects, 38 net barter terms of trade (NBTT), 94, 14852, 158, 164 Colombia, 158 of primary products, 154 Nicaragua, 1023 American protectorate, 191225, 103 coffee exporting, 102 rice and maize, 103 nitrate business, Chile, 111 non-tariff barriers, 28 non-trade barriers, elimination, 31 null hypothesis, 55, 57

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oil crisis, 1973, 32 oil drilling growth, 1920s, Colombia, Peru, Venezuela, 76 oil equivalents, 95 old world and new world encounter, 20 open access social order, 39 openness ratio, Latin America comparison with Western Europe, 357 opportunism of political leaders, 38 Organization for Economic and Cooperative Development (OECD), 22

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The Economies of Latin America Latin American business people, 14 results analysis, 1603 Royal Charter for sugar land, 132 rubber exports boom, Bolivia, 18951915, 170

Organization for European Economic cooperation (OEEC) trade liberalization, 30 Organization for International Trade, failure to launch, 19 OXLAD database, 34 Panama Canal opening, 1914, shortened distances, 64 Panama imports from US, 61 Paraguay imports from US, 61 parametric and non-parametric tests, of paired data, 523 path dependence, 917 per capita GDP of Latin America, estimation, 106 per capita purchasing power, 223 periphery, 148 relative failure in, 155 petroleum products, 41, 956 data reliability on, 44 export statistics of Mexico and Peru, 46 inaccurate reporting of imports, 4752 petroleum trade, 556 Philip II, 1595, Cuban sugar industry, 132 political environment, 12, 14 population data in Bolivia, 168 Prebisch-Singer (P-S) hypothesis on international trade, 14765 price elasticity value, 1878 primary exports, dependence on obstacle to innovations of Industrial Revolution, 106 primary products, 77, 82, 149, 153, 154 product comparisons, 44 property rights, 9 public revenues in Bolivia, 190031, 16777 purchase power, 223, 156

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salaries, low, 12 scatter graphs machinery investment in Chile, 1245 Second World War Spanish indebtedness to Germany, 32 Second World War aftermath, 40 Latin American and Caribbean expectations, 2731 Latin American markets shrinking, 19 self-government experience, failure to provide, 13 sewing machines, 183, 188 shadow wage, estimation, 86, 88, 91 slave freedom, rise in labour costs, 138 slave workforce in Cuba, 131 Smith, Adam, law of diminishing returns, 151 smuggling, 188 Southern Cone, economic superiority, 23 southern Europe (Greece, Italy, Portugal, Spain) income levels close to Latin America, 26 Soviet Union competition with United States, 29 lowest total factor productivity growth, 34 Spain, member of European Economic Community (EEC), 32 Spanish empire state, negative effect of breaking, 21 Spanish government of colonies, 106 Spanish imperial rule, absolutism of, 21 Spanish neutrality during First World War, 31 railway investment, 66 state creation weakness, 14 railway system for sugar plantations, Cuba, state military expenditure, 21 115, 1368 statistical information, 18990 railways and forest, 219n41 statistical misreporting, 423 regression tests, 1267 Statistical Yearbook for Latin America and regulations against forest burning, 1926, 141 the Caribbean (SYLA), 86 remuneration share to workers, 86 steam engines rent-seeking behaviour Cuba, 137

Index late in Latin American economies, 10 maritime transport, 115 sugar cane, 135, 212n31 yields rise, 142 sugar export markets, 136 sugar industry, Cuba, 18991926, 109, 115, 13145 16021815, 134 displacement of other cultivation, 133 expansion 181668, Cuba, 136 impact on forests, 13242 North American capital, 13941 suppliers of capital goods, Germany, US and UK (G-3), 71 System of National Accounts of United Nations, 2 tariff barriers, 28, 30 reduction, 31 tax items, Bolivia, 1689, 1712 technical training of population, 10 technological progress, 180 technology, late adoption of, Industrial Revolution, 9 temperate regions against tropical regions, 21 Ten Years War, Cuba, 139 terms of trade, 14765 debates, 1513 deterioration, 149 tin exports, Bolivia, 1724 tobacco trade, Spanish aristocracy, 134 total equipment goods, investment in annual growth rate by countries, 789 total factor productivity (TFP), 33 Europe, 40 heavy reduction in Latin America and the Caribbean, 34 trade costs, 66 expansion and trade openness, 34 expansion in western Europe, 33 intra-regional in Latin America, 182 trade flows, principal partners coal, 1925, 4950 petroleum, 1925, 4950 trade liberalization, 29 agricultural goods, 301

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underdeveloped countries net barter terms of trade (NBTT), 155 textile exports, 157 United Fruit Company, 93, 100 United States agricultural protection, 31 coal supply to Latin America and the Caribbean, 63 dollar exchange rates, 46 economic peace economy, 29 foreign trade in Caribbean, importance, 62 industrialization, divergence period, 20 main trade supplier before First World War, 66 markets closure to Cuba, 32 trade dependence, 64 trade importation, dependence on, after First World War, 5960 units of measurement, 43 universal education, lack of promotion, 20 Uruguay durable goods, 17990 economy today, 1415 imports from UK and US, 61

manufacturing goods, 301 trade partners of Latin America, main, 6062 trade patterns, 59 trade policy control, 30 trade statistics in developing countries, 423 irregularity of, 4750, 183 national, exporting, US, UK, Germany, Belgium (G4), 46 trade variables transport costs, intra-regional trade, smuggling, 187 transport high income elasticity, 188 investment, 80 material, export goods, 69, 78 methods, 81 transwar period (191445), 2 tree-felling proscription, sugar industry 192755, 1412

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The Economies of Latin America Western and Eastern powers (US vs USSR), 289 Western European markets, 19, 28, 31 Wilcoxson-MPSR test, non-parametric, 536 world markets, segmented, 39 World Trade Organization (WTO), creation 1995, 30

vacuum boilers, Cuba, 137 Viceroyalty of Peru, markets of, 110

wage estimations for own-account workers, 89 wage gaps data, 85 war impact, 94 War of Independence, 186898, Cuba, 105, 108, 111 War of the Pacific, 111 Yearbook of National Account Statistics Washington Consensus, uniform policies, 16 (YNAS), 85, 86

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