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

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Extra 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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The nonlinear interactions between this unusual and persistent external shock and risky or faulty domestic policies led to a crisis of severe depth and length, one that neither shocks nor bad policy alone could have generated. Indeed, it is certainly peculiar that an ingrained feature of international financing, its severe instability, served as the deathknell of both the export age and state-led industrialization! The final alternative has to do with politics and political economy. They certainly played a role in the story of state-led industrialization in several countries, as well as in the story of its demise.

V. K. (1978) `The Fiscal Crisis of the Latin American State', in J. F. J. ), Taxation and Economic Development, London: Cass. Furtado, C. (1989) La fantasõÂa organizada, BogotaÂ: Tercer Mundo Editores. GarcõÂa, N. and Tokman, V. (1984) `TransformacioÂn ocupacional y crisis', Revista de la CEPAL, no. 24, December. Hirschman, A. O. : Yale University Press. Hofman, A. (1998) `Latin American Economic Development: A Causal Analysis in Historical Perspective', Groningen Growth and Development Centre, monograph series, no.

11 ECLAC (1978b). Unless otherwise indicated, the figures in the rest of this and the next paragraph come from this source, the only one that has estimates of GDP (at factor cost) for the region as a whole (excluding Cuba) in the period analysed, using a similar base year (1970) and methodology. 12 ECLAC (1991), using 1980 as the base year. 13 According to the imperfect series available, Cuba's per capita GDP fell by 31 per cent in the 1920s and 1930s and only partially recovered in the 1940s, prior to a phase of stagnation in the 1950s and 1960s.

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