ECONOMICS 321
Macroeconomics Seminar:
The Determinants of Wealth and Poverty
IN URUGUAY/ARGENTINA
Term 9 2010-2011
Professor Todd Knoop
Required Texts:
Charles I. Jones, Introduction to Economic Growth, second
edition, W.W. Norton.
William Easterly, The Elusive Quest for Growth: Economists’
Adventures and Misadventures in the Tropics, first edition, MIT
Press.
Additional readings: Will be shared with the class via e-mail and Google Docs
Introduction:
The objective of this course is to attempt to understand the determinants of wealth and
poverty across countries. To do this, we will make use of time spent learning in two
interesting South American countries, Uruguay and Argentina. These countries are
interesting for much different reasons: Argentina because it is a large country with a
great deal of natural resources and a highly educated population, yet has been a growth
disaster over the last 100 years; Uruguay because it is a small but fast growing country
poised between two economic superpowers, Argentina and Brazil. While in South
America, we will make much use of local experts who can provide us with insights on
the following questions. The majority of our time will be spent in Montevideo,
Uruguay where we will be holding our classes and studying at the Universidad de
Montevideo. We will take trips to various places of interest throughout Montevideo and
across Uruguay as well as spend a long weekend in Buenos Aries, Argentina.
In regards to the class itself, we will be examining both the theoretic and empirical
research regarding why some countries are rich and others are poor. We will spend the
first half of the class developing a model of economic growth, primarily focusing on the
model developed by Solow (1957) and extensions of this model that have followed. In
the second half of the class we will survey the existing empirical literature on growth
through a series of student presentations and other readings. These additional readings
will often take us outside the traditional scope of economics and into the realms of
culture, religion, history, and ethnic diversity as possible factors that play roles in
determining which countries develop into rich countries and which do not. In our
investigations, we will pay particular attention to issues specifically related to
development in South America.
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Food for thought:
“It is quite wrong to try founding a theory on observable magnitudes alone....It is the
theory which decides what we can observe.”
- Albert Einstein
“I do not see how one can look at figures like these without seeing them as representing
possibilities. Is there some action a government of India could take that would lead the
Indian economy to grow like Indonesia’s or Egypt’s? If so, what exactly?.....The
consequences for human welfare involved in questions like these are simply staggering:
Once one starts to think about them, it is hard to think about anything else.”
- Robert Lucas
Course Structure: Of course, there will have to be a great deal of flexibility in terms of
class schedule and course structure. There will definitely be classroom time, which will
be held at the Universidad de Montevideo. In addition, there will be joint class sessions
between us and a group of UM students in Professor Daniello Trumpkin’s
Macroeconomics II course (details TBA). In addition, we will have outside visitors to our
class, both academics and professionals. Finally, we will also take opportunities as they
arrise to visit with professionals outside of the classroom, both in Montevideo and
Buenos Aires.
Grading: Course grades will be determined by four classes of assignments and will be
based on 350 possible points. I reserve the right to use my discretion at the margin and
things such as class participation and improvement will be considered in borderline
cases.
(1) Exams: A final will be given at the end of class. The final will be worth 125 points
and will be given in class.
(2) Homeworks: A short empirical assignment and at least one homework assignment
will be given out during the block. These assignments will be worth 50 total points.
(3) Panel Paper/Presentation: Each student will be asked to summarize at least one
professionally published group of articles (2-4 articles) or book on a topic relating to
economic growth. This research may come from the reading list in this syllabus or from
another article approved by the instructor.
Journal articles in the reading list will be made available in PDF format. For students
who want to look for papers on a topic not on the reading list, a good place to begin
would be Econlit, an economics research paper database, at the following:
http://www.cornellcollege.edu/library/electronic-resources/index.shtml.
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Each student will be required to write a summary of his or her chosen paper. This
summary should be at least eight pages long and should:
(1) identify the topic of your paper in a clear and coherent manner,
(2) discuss the importance of the questions addressed in the paper, including any
relevance to previous material discussed in class or current events,
(3) summarize all of the important results from the paper, including the intuition (not just
the technical details) behind the results obtained, and
(4) discuss the major public policy implications of the paper.
Each student may be required to present a short summary of their paper in class (10-15
minutes), time allowing, as part of a panel comprised of other students in the class
discussing papers on similar subjects. Students on each panel should meet together
before their presentation in order to discuss their papers and integrate their discussions.
The paper and presentation (graded together) will be worth 100 points.
You are encouraged to consult with me during the process of choosing a paper and
especially during your preparation of the class presentation.
(4) Class Participation: Class participation will count for 100 points toward the final
grade and will be assigned on the basis of both quantity and quality of participation.
Given that this is a seminar class, and a course conducted in the field, we will devote
a substantial amount of classroom time to discussing reading assignments, for
which you will be expected to be fully prepared for. For all of the assigned readings
(including the paper presentations of your fellow class members) you should be able
to:
(1)
(2)
(3)
(4)
summarize the reading assignments,
answer questions regarding the reading assignments,
raise questions regarding the reading assignments,
understand how the reading assignments relate to previous reading assignments.
You may be asked to provide a written review of certain assigned readings throughout
the course.
Your class participation grade also depends upon your behavior outside of the
classroom. You are at all times expected to represent yourself and Cornell College
professionally. Failure to do so will result in a decline in your class participation grade at
the least, and being sent home in the case of extreme violations.
Academic Dishonesty: Academic dishonesty will not be tolerated and will be dealt with
in the harshest manner that is still in accordance with Cornell’s regulations in the student
handbook. Academic dishonesty can include the failure to properly document sources
of information used in your work.
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Learning Disabilities: Cornell College is committed to providing equal educational
opportunities to all students. If you have a documented learning disability and will need
any accommodation in this course, you must request the accommodation(s) from [the
instructor of the course] as early as possible and no later than the third day of the term.
Additional information about the policies and procedures for accommodation of learning
disabilities is available on the Cornell web site at
http://cornellcollege.edu/academic_affairs/disabilities/.
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OUTLINE OF TOPICS AND READINGS
Also, additional articles, topical readings, and papers associated with student
presentations will be assigned throughout the term.
Section 1: The Theory of Economic Growth
Topic #1:
The Facts of Economic Growth
J: Chapter 1
Topic #2:
Latin American Growth
Reid (2007), Chap. 2
Franko (2007), Chap. 2, 3
Fraga (2004)
Topic #3:
Mathematical Review
The Solow Model
J: Appendix A
J: Chapter 2
E: Chapter 1, 2, 5
Topic #4:
Applications of Solow Model
J: Chapter 3
E: Chapter 3, 4
Krugman (1995)
Lucas (2000)
Topic #5:
Endogenous Growth Models
The Economics of Ideas
J: Chapter 4, part of Chap. 8
J: Chapter 4
E: Chapter 8, 9
Topic #6:
Institutions
J: Chapter 7
E: Chapter 11, 12
Topic #7:
Uruguay and Argentina
2001 Argentinean Financial Crisis
2002 Uruguayan Financial Crisis
Beattie (2010)
Knoop (2007)
Taylor (2007)
Section 2: The Empirics of Economic Growth
Topic #7:
Brief Review of Econometrics
The Empirics of Growth
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Barro (1997) Chapter 1
Topic #8:
Aid and Debt
Latin American Debt Crisis of 1980s
E: Chapter 6, 7
Frankel (2007), Chap. 4
Topic #9:
Natural Resources
Disasters
J: Chapter 9
E: Chapter 10
Topic #10:
Diversity
Democracy
E: Chapter 13
Barro (1997) Chapter 2
Topic #11:
Conclusions
J: Chapter 10
E: Chapter 14
Final Exam- Last Day of Class-TBD
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BRIEF ITINERARY
May 2 (Monday): Leave Iowa from Cedar Rapids airport, departure at 3:30pm
May 3 (Tuesday): Arrive in Montevideo, 9:15 am
May 3 (Tuesday)– May 6 (Friday): Montevideo, Armon Suites
May 6 (Friday) –May 8 (Sunday): Travel in Uruguay, staying in Punta del Este, Hotel
TBD
May 8 (Sunday) – May 12 (Thursday): Montevideo, Armon Suites
May 12 (Thursday) – May 15 (Sunday): Buenos Aires, Argentina, Hotel TBD
May 15 (Sunday) – May 23 (Monday): Montevideo, Armon Suites
May 21 (Saturday)—Day trip to Colonia del Sacramento, Uruguay
May 23 (Monday): Leave Uruguay, departure at 9:00pm
May 24 (Tuesday): Arrive in Cedar Rapids, 1:05pm
Flight Info:
5/2/2011
American Airlines # 5076
American Airlines # 2378
American Airlines # 989
5/23/2011
American Airlines # 984
American Airlines # 643
American Airlines # 5075
Depart
Cedar Rapids 3:30pm
Chicago-O’Hare 5:30pm
Miami11:10pm
Depart
Montevideo 9:00pm
Miami 7:40am
Chicago-O’Hare 12:10pm
Arrive
Chicago-O'Hare 4:30pm
Miami 9:40pm
Montevideo 9:15am on 5/3/2011
Arrive
Miami 5:15am
Chicago-O’Hare 9:55am
Cedar Rapids 1:05pm on 5/24/2011
Trip to Buenos Aires Info:
Leaving Montevideo May 12 at 7:30 via Buquebus bus/ferry from Terminal Tres
Cruces. Arrive in Buenos Aires at 12am.
Returning from Buenos Aires directly via ferry on May 15 at 4:00pm. Arrive back in
Montevideo at 7:15pm.
Buquebus Contact Info:
Phone +54-11-4316-6550
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CONTACT INFORMATION IN URUGUAY/ARGENTINA
Luisa Periano, Director of International Affairs
Universidad de Montevideo
Prudencio de Pena 2440
11.600 Montevideo - URUGUAY
Phone + 598 2 707 44 61
Fax + 598 2 708 38 42
lpeirano@um.edu.uy
Armon Suites, Montevideo:
21 de Setiembre 2885
Phone +598 2 712 41 20
Contact person: Eloy Mas
ventas@armonsuites.com.uy
Best Westerm La Foret, Punta del Este:
Calle La Foret y Pascual Gattas
Parada 6 Playa Mansa
Phone + 598-42 481004
Dazzler Tower, San Telmo (Buenos Aires):
Piedras 303
Phone + 54-11-5277-6050
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READING LIST
General Cross-Country Growth Relationships
Acemoglu, Daron, and Fabrizio Zilibotti, 2001, “Productivity Differences.” The Quarterly
Journal of Economics (May): 563-606.
Barro, Robert J. and Xavier Sala-I-Martin, 1991. “Convergence Across States and
Regions.” Brookings Papers on Economic Activity pp. 107-158.
Barro, Robert J., 1997, “The Determinants of Economic Growth” in Determinants of
Economic Growth: A Cross- Country Empirical Study, First edition. In Class
Bourguignon, Francois and Christian Morrisson. 2002. “Inequality Among World
Citizens: 1820-1992.” American Economic Review 96 (Sept.): 727-744.
Clark, Gregory, 2007, A Farwell to Alms Princeton University Press: Princeton, NJ.
De Soto, Hernando, 2000, The Mystery of Capital: Why Capitalism Triumphs in the
West and Fails Everywhere Else Basic Books: New York, NY.
Durlauf, Steven N., Andros Kourtellos, and Artur Minkin. 2001. “The Local Solow
Growth Model.” European Economic Review 45: 928-940.
Deaton, Angus, 2010, “Price Indices, Inequality, and the Measurement of World
Poverty,” American Economic Review vol. 100, pg. 5-34.
2008, “Income, Health, and Well-Being around the World: Evidence from the Gallop
World Poll,” Journal of Economic Perspectives 22, pg. 53-72.
Friedman, Benjamin M., The Moral Consequences of Economic Growth Knopf: New
York, NY.
Hall, Robert E. and Charles I. Jones, 1999. “Why Do Some Countries Produce So Much
More Output Per Worker Than Others?” The Quarterly Journal of Economics 83-116. In
Class
Krugman, Paul, 1994, “The Myth of Asia’s Miracle.” Foreign Affairs (Nov/Dec): 62-78. In
Class
Landes, David S., 1998, The Wealth and Poverty of Nations, Second edition.
Lucas, Robert E. Jr., 2000. “Some Macroeconomics for the 21st century.” Journal of
Economic Perspectives 14: 159-174. In Class
_____, 2009, “Trade and the Diffusion of the Industrial Revolution,” American Economic
Journal: Macroeconomics vol. 1, pg. 1-25.
Malthus, Thomas R. 1798. An Essay on the Principle of Population. London: W.
Pickering, 1986.
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Mankiw, N. Gregory, David Romer, and David Weil. 1992. “A Contribution to the
Empirics of Economic Growth.” Quarterly Journal of Economics 107 (May): 407-438. In
Class
Nelson, Richard R. and Howard Pack, 1999. “The Asian Growth Miracle and Modern
Growth Theory.” The Economic Journal 109: 416-436.
Sachs, Jeffrey D., 2005, The End of Poverty: Economic Possibilities for Our Time
Penguin Press: New York, NY.
Smith, Adam. 1776 (1981). An Inquiry into the Nature and the Causes of the Wealth of
Nations. Indianapolis: Liberty Press.
Solow, Robert M. 1956. “A Contribution to the Theory of Economic Growth.” Quarterly
Journal of Economics 70 (Feb.): 65-94. In Class
Young, Alwyn. 1992. “A Tale of Two Cities: Factor Accumulation and Technological
Change in Hong Kong and Singapore.” NBER Macroeconomics Annual, MIT Press.
Fiscal Policy, Monetary Policy, and Growth
Barro, Robert J.,1997,”Inflation and Growth.” in Determinants of Economic Growth: A
Cross- Country Empirical Study, First edition.
Bruno, Michael and William Easterly, 1998. “Inflation Crises and Long-Run Growth.”
Journal of Monetary Economics 41: 3-26.
Burnside, Craig and David Dollar, 2000. “Aid, Policies, and Growth.” American
Economic Review 90:847-868.
Grilli, Vittorio, Donato Masciandaro, and Guido Tabellini. 1991. “Political and Monetary
Institutions and Public Finance Policies in the Industrial Countries.” Economic Policy 13
(Oct.): 341-392.
Hulten, Charles R., 1996. “Infrastructure Capital and Economic Growth: How Well You
Use It May Be More Important Than How Much You Have.” NBER Working Paper
#5847.
Karras, Georgios, 1999. “Taxes and Growth: Testing the Neoclassical and Endogenous
Growth Models.” Contemporary Economic Policy 17: 177-188.
Knoop, Todd A. 1999. “Growth, Welfare, and the Size of Government.” Economic
Inquiry 37:103-119.
Schmitz, James A., 1996, “The Role Played by Public Enterprises: How Much Does it
Differ Across Countries?” Federal Reserve Bank of Minneapolis Quarterly Review
(Spring): 2-15.
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Human Capital and Growth
Adams, James D. 1990. “Fundamental Stocks of Knowledge and Productivity Growth.”
Journal of Political Economy 98, pp. 673-702.
Beine, Michel, Frederic Docquier, and Hillel Rapoport, 20001. “Brain Drain and
Economic Growth: Theory and Evidence.” Journal of Development Economics 64: 275289.
Chaudhury, Nazmul, Jeffrey Hammer, Michael Kremer, Karthik Muralidharan, and F.
Halsey Rogers, 2006, “Missing in Action: Teacher and Health Worker Absence in
Developing Countries, ?” Journal of Economic Perspectives 20, pg. 91-116.
Cutler, David, Angus Deaton, and Adriana Lleras-Muney, 2006, “The Determinants of
Mortality,” Journal of Economic Perspectives 20, pg. 97-120.
Hanushek, Eric A. and Dennis D. Kimko, 2000. “Schooling, Labor-Force Quality, and the
Growth of Nations.” American Economic Review 90: 1184-1208.
Mammen, Kristen and Christina Paxson, 2000. “Women’s Work and Economic
Development.” Journal of Economic Perspectives 14: 141-164.
Trade and Growth
Frankel, Jeffrey A. and David Romer, 1999. “Does Trade Cause Growth?” American
Economic Review 89: 379-399.
Miller, Stephen M. and Mukti P. Upadhyay, 2000. “The Effects of Openness, Trade
Orientation, and Human Capital on Total Factor Productivity.” Journal of Development
Economics 63: 399-423.
Sachs, Jefferey and Andrew Warner. 1995. “Economic Reform and the Process of
Global Integration.” Brookings Papers on Economic Activity 1: 1-95.
Sharma, Subhash C. and Dharmendra Dhakal. 1994. “Causal Analysis Between Exports
and Economic Growth in Developing Countries.” Applied Economics 26: 1145-1157.
Wei, Shang-Jin, 2000. “Local Corruption and Global Capital Flows.” Brookings Papers
on Economic Activity 2: 303-354.
Winters, L. Alan, Neil McCulloch, and Andrew McKay, 2004, “Trade Liberalization and
Poverty: The Evidence So Far,” Journal of Economic Literature vol. 42, pg. 72-115.
Sub-Saharan Africa
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Acemoglu, Daron, Simon Johnson, and James A. Robinson. 2001a. “The Colonial
Origins of Comparative Development: An Empirical Investigation.” American Economic
Review 91 (Dec.): 1369-1401.
_____, _____, _____, 2001b, “An African Success Story: Botswana,” MIT Working
Paper 01-37.
Aker, Jenny C. and Isaac M. Mbiti, 2010, “Mobile Phones and Economic Development in
Africa,” Journal of Economic Perspectives vol. 24, pg. 207-232.
Block, Steven A., 2001, “Does Africa Grow Differently?” Journal of Development
Economics 65: 443-467.
Collier, Paul, 2007, The Bottom Billion: Why the Poorest Countries are Failing and What
Can Be Done About It Oxford University Press: Oxford, UK.
_____, 2006, “African Growth: Why a ‘Big Push’,” Journal of African Economics 00, pg.
188-211.
_____, and Jan Willem Gunning, 1999. “Explaining African Economic Performance.”
Journal of Economic Literature 37 (March): 64-111.
de Haan, Jakob and Ross Levine. 1997. “Africa’s Growth Tragedy: Policies and Ethnic
Divisions.” The Quarterly Journal of Economics 1203-1250.
Easterly, William, 2009, “Can the West Save Africa?” Journal of Economic Literature
vol. 47, pg. 373-447.
Sachs, Jeffrey D. 2001. “Tropical Development.” NBER Working Paper 8119.
Technology Growth
Baily, Martin Neil. 2002. “The New Economy: Post Mortem or Second Wind?” Journal of
Economic Perspectives 16 (Spring): 3-22.
Bosworth, Barry and Susan M. Collins, 2008, “Accounting for Growth: Comparing China
and India,” Journal of Economic Perspectives 22, pg. 45-66.
David, Paul A., 1985, “Clio and the Economics of Qwerty,” American Economic Review
75, pg. 332-337.
Gordon, Robert J., 2000. “Does the ‘New Economy’ Measure Up to the Great Inventions
of the Past?” Journal of Economic Perspectives 14: 49-74.
Jorgenson, Dale. W., Mun S. Ho, and Kevin J. Stiroh, 2008, “A Retrospective Look at
the U.S. Productivity Growth Resurgence,” Journal of Economic Perspectives 22, pg. 324.
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Kremer, Michael, 1993, “Population Growth and Technological Change: One Million B.C.
to 1990,” The Quarterly Journal of Economics pg. 681-716.
Oliner, Stephen D. and Daniel E. Sichel, 2000. “The Resurgence of Growth in the Late
1990’s: Is Information Technology the Story?” Journal of Economic Perspectives 14, pg.
3-22.
Romer, Paul M., 1993. “Two Strategies for Economic Development: Using Ideas and
Producing Ideas.” Proceedings of the World Bank Annual Conference on Development
Economics : 63-91.
Institutions and Other Topics
Acemoglu, Daron, Simon Johnson, and James A. Robinson, 2001, “Reversal of Fortune:
Geography and Institutions in the Making of the Modern World Income Distribution,”
working paper.
Ades, Alberto and Rafael Di Tella, 1999. “Rents, Competition, and Corruption.”
American Economic Review 89: 982-993.
Alesina, Alberto and Beatrice Weder. 2002. “Do Corrupt Governments Receive Less
Foreign Aid?” American Economic Review 92 (Sept.): 1126-1137.
Algan, Yann and Pierre Cahuc, 2010, “Inherited Trust and Growth,” American Economic
Review vol. 100, pg. 2060-2092.
Allen, Robert C., 2003, “Progress and Poverty in Early Modern Europe,” Economic
History Review 56, pg. 403-443.
Arestis, Philip and Panicos Demetriades, 1997. “Financial Development and Economic
Growth: Assessing the Evidence.” The Economic Journal 107 (May): 783-799.
Banerjee, Abhijit V. and Esther Duflo, 2006, “The Economic Lives of the Poor,” MIT
Working paper.
Baumol, William J. 1990. “Entrepreneurship: Productive, Unproductive, and
Destructive.” Journal of Political Economy 98 (Oct.): 893-921.
Collier, Paul and Anke Hoeffler, 2004, “Greed and Grievance in Civil War,” Oxford
Economic Papers 56: pg. 563-595.
Cull, Robert Asli Demirguc-Kunt, and Jonathan Morduch, 2009, “Microfinance Meets the
Market,” Journal of Economic Perspectives vol. 23, pg. 167-192.
de Haan, Jakob andJan-Egbert Strum, 2000. “On the Relationship between Economic
Freedom and Economic Growth.” European Journal of Political Economy 16: 215-241.
Diamond, Jared, 1997, Guns, Germs and Steel, First edition. New York: W.W. Norton.
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Easterly, William and Tobias Pfutze, 2008, “Where Does the Money Go? Best and
Worst Practices in Foreign Aid,” Journal of Economic Perspectives 22, pg. 29-52.
_____, 2006, The White Man’s Burden: Why the West’s Efforts to Aid the Rest Have
Done So Much Ill and So Little Good, Penguin Publishing, London: England.
Gallup, John Luke, Jeffrey D. Sachs, and Andrew Mellinger. 1999. “Geography and
Economic Development.” International Regional Science Review 22: 179-232.
Galor, Oded and Omer Moav. 2002. “Evolution and Growth.” European Economic
Review 45: 718-729.
Guiso, Luigi, Paola Sapienza, and Luigi Zingales, 2006, “Does Culture Affect Economic
Outcomes?” Journal of Economic Perspectives 20, pg. 23-48.
Hermes, Niels and Robert Lensink, 2007, “The Empirics of Microfinance: What Do We
Know?,” The Economic Journal 117, pg. F1-F10.
Knack, Stephen and Philip Keefer. 1995. “Institutions and Economic Performance:
Cross-Country Tests Using Alternative Institutional Measures.” Economics and Politics 7
(Nov.): 207-227.
Kuran, Timor, 2004, “Why the Middle East is Economically Underdeveloped: Historical
Mechanisms of Institutional Stagnation,” Journal of Economic Perspectives 18, pg. 7190.
Levine, Ross, 2005, “Law, Endowments, and Property Rights,” Journal of Economic
Perspectives 19, pg. 61-88.
Licht, Amir N. and Chanan Goldschmidt, 2007, “Culture Rules: The Foundations of the
Rule of Law and Other Norms of Governance,” working paper.
McCleary, Rachel M. and Robert J. Barro, 2006, Religion and Economy, ?” Journal of
Economic Perspectives 20, pg. 49-72.
Nelson, Richard R., 2005, “Evolutionary Theories of Cultural Change: An Empirical
Perspective,” working paper.
Ó Gráda, Cormac, 2007, “Making Famine History,” Journal of Economic Literature 45,
pg. 5-38.
Perotti, Roberto 1996. “Growth, Income Distribution, and Democracy: What the Data
Say.” Journal of Economic Growth 1 (June): 149-187.
Putterman, Louis. 2000. “Can an Evolutionary Approach to Development Predict PostWar Economic Growth?” The Journal of Development Studies 36 (Feb.): 1-30.
Rajan, Raghuram and Arvind Subramanian, 2007, “Does Aid Affect Governance?”
American Economic Review vol. 97, pg. 322-327.
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Sengupta, Rajdeep and Craig P. Aubuchon, 2008, “The Microfinance Revolution: An
Overview,” Federal Reserve Bank of St. Louis Review 90, pg. 9-30.
Shleifer, Andrei, and Robert W. Vishny. 1993. “Corruption.” Quarterly Journal of
Economics 108 (Aug.): 599-618.
Svensson, Jakob, 2005, “Eight Questions about Corruption,” Journal of Economic
Perspectives vol. 19, pg. 19-42.
Zak, Paul J. and Stephen Knack, 2001. “Trust and Growth.” The Economic Journal
111(April): 295-321.
Latin America
Beattie, Alan, 2010, False Economy Riverhead Trade Publishing.
Fraga, Arminio, 2004, “Latin America Since the 1990s: Rising from the Sickbed?”
Journal of Economic Perspectives vol. 18, pg. 89-106.
Franko, Patrice, 2007, The Puzzle of Latin American Economic Development Rowman
& Littlefield Publishing, Inc: Lanham, ML.
Ocampo, Jose Antonio, 2004, “Latin America’s Growth and Equity Frustrations During
Structural Reforms,” Journal of Economic Perspectives vol. 18, pg. 67-88.
Reid, Michael, 2007, Forgotten Continent: The Battle for Latin America’s Soul Yale
University Press: New Haven, CT.
Taylor, John B, 2007, “The 2002 Uruguayan Financial Crisis: Five Years Later,” mimeo.
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