Pub Date : 2021-08-27DOI: 10.18356/16840348-2020-132-1
{"title":"Introduction. The global economy and development in times of pandemic: The challenges for Latin America and the Caribbean","authors":"","doi":"10.18356/16840348-2020-132-1","DOIUrl":"https://doi.org/10.18356/16840348-2020-132-1","url":null,"abstract":"","PeriodicalId":46450,"journal":{"name":"Cepal Review","volume":"55 45","pages":""},"PeriodicalIF":0.6,"publicationDate":"2021-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41257689","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-27DOI: 10.18356/16840348-2020-132-10
{"title":"The health economy in Mexico","authors":"","doi":"10.18356/16840348-2020-132-10","DOIUrl":"https://doi.org/10.18356/16840348-2020-132-10","url":null,"abstract":"","PeriodicalId":46450,"journal":{"name":"Cepal Review","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2021-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44240460","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-27DOI: 10.18356/16840348-2020-132-2
Alicia Bárcena, M. Cimoli, G. Porcile, Vianka Aliaga, Cecilia Vera, Claudio Aravena, Pablo Carvallo, Ernesto Espíndola, Nicole Favreau, Fernando Sossdorf
This article underscores the pressing need to transition to a new development model in Latin America and the Caribbean as the region strives to cope with the current health emergency. Statistics show that the Latin American and Caribbean region has been hit harder by the pandemic than any other and that it has also sustained the most damage in economic and social terms. This is attributable to long-standing structural factors that set the stage for the emergence of its present dysfunctional development pattern. The region grew by a scant 0.4% per year between 2014 and 2019 against the backdrop of a widening external productivity gap, deepening structural heterogeneity, low-productivity development paths and a declining share of wages in GDP. All this has eroded its social and economic development process. The economic reactivation effort must therefore be based on a package of coordinated, ambitious structural reforms in the areas of production, fiscal policy and institutional affairs in order to forge an inclusive and sustainable development style.
{"title":"Structural asymmetries and the health crisis: the imperative of a transformative recovery for the advancement of sustainable development in Latin America and the Caribbean","authors":"Alicia Bárcena, M. Cimoli, G. Porcile, Vianka Aliaga, Cecilia Vera, Claudio Aravena, Pablo Carvallo, Ernesto Espíndola, Nicole Favreau, Fernando Sossdorf","doi":"10.18356/16840348-2020-132-2","DOIUrl":"https://doi.org/10.18356/16840348-2020-132-2","url":null,"abstract":"This article underscores the pressing need to transition to a new development model in Latin America and the Caribbean as the region strives to cope with the current health emergency. Statistics show that the Latin American and Caribbean region has been hit harder by the pandemic than any other and that it has also sustained the most damage in economic and social terms. This is attributable to long-standing structural factors that set the stage for the emergence of its present dysfunctional development pattern. The region grew by a scant 0.4% per year between 2014 and 2019 against the backdrop of a widening external productivity gap, deepening structural heterogeneity, low-productivity development paths and a declining share of wages in GDP. All this has eroded its social and economic development process. The economic reactivation effort must therefore be based on a package of coordinated, ambitious structural reforms in the areas of production, fiscal policy and institutional affairs in order to forge an inclusive and sustainable development style.","PeriodicalId":46450,"journal":{"name":"Cepal Review","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2021-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45242208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-27DOI: 10.18356/16840348-2020-132-13
Ramón E. López, G. Sturla, Ramón E. López
This article proposes a model to estimate the wealth of the richest groups in society and to design an efficient wealth tax system. For design and implementation issues, it reviews comparative international experience and provides an analytical discussion of the effects of a wealth tax, reviewing the main criticisms that orthodox economists have levelled against it. The methodology used to calculate wealth involves first-order approximations and Pareto criteria to compensate for data shortcomings. This article also presents a tax system which corrects the problems that have arisen when implementing this type of tax in other countries. The model is applied to the reality of Chile, which, like other countries in the region, suffers from structural inequality in both income and wealth, which has been amplified by the effects of the COVID-19 pandemic.
{"title":"Hyper-fortunes and the super-rich: Why a wealth tax makes sense","authors":"Ramón E. López, G. Sturla, Ramón E. López","doi":"10.18356/16840348-2020-132-13","DOIUrl":"https://doi.org/10.18356/16840348-2020-132-13","url":null,"abstract":"This article proposes a model to estimate the wealth of the richest groups in society and to design an efficient wealth tax system. For design and implementation issues, it reviews comparative international experience and provides an analytical discussion of the effects of a wealth tax, reviewing the main criticisms that orthodox economists have levelled against it. The methodology used to calculate wealth involves first-order approximations and Pareto criteria to compensate for data shortcomings. This article also presents a tax system which corrects the problems that have arisen when implementing this type of tax in other countries. The model is applied to the reality of Chile, which, like other countries in the region, suffers from structural inequality in both income and wealth, which has been amplified by the effects of the COVID-19 pandemic.","PeriodicalId":46450,"journal":{"name":"Cepal Review","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2021-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44069119","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-31DOI: 10.18356/16840348-2020-132-9
G. Dosi
This paper analyses some of the trends in global capitalism prior to the pandemic and some specificities of the latter that are likely to place the global economy at a crossroads between maintaining the prevailing trend of techno authoritarianism in the governance of countries and a change in the social order. It describes the arrival of the pandemic amid increasing technologization and a fragile socioeconomic architecture, which has been deteriorating since the emergence of neoliberalism in the 1980s and, especially, since the 2008–2009 financial crisis. The major trends analysed are: globalization and the rise of China, wage stagnation and the gap between productivity and wages, along with the explosion in the rate of profit, in addition to (financial and non-financial) corporate profits and the convergence of artificial intelligence and automation. It also outlines a number of lessons to be learned from the pandemic.
{"title":"Unbridled liberalism and a pandemic: At a crossroads between techno authoritarianism and a new social order","authors":"G. Dosi","doi":"10.18356/16840348-2020-132-9","DOIUrl":"https://doi.org/10.18356/16840348-2020-132-9","url":null,"abstract":"This paper analyses some of the trends in global capitalism prior to the pandemic and some specificities of the latter that are likely to place the global economy at a crossroads between maintaining the prevailing trend of techno authoritarianism in the governance of countries and a change in the social order. It describes the arrival of the pandemic amid increasing technologization and a fragile socioeconomic architecture, which has been deteriorating since the emergence of neoliberalism in the 1980s and, especially, since the 2008–2009 financial crisis. The major trends analysed are: globalization and the rise of China, wage stagnation and the gap between productivity and wages, along with the explosion in the rate of profit, in addition to (financial and non-financial) corporate profits and the convergence of artificial intelligence and automation. It also outlines a number of lessons to be learned from the pandemic.","PeriodicalId":46450,"journal":{"name":"Cepal Review","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48453142","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-31DOI: 10.18356/16840348-2020-132-5
B. Bull, F. Rivera
The literature is divided on the impact of pandemics on income inequality. The economic literature points to an increase in inequality as a result of pandemics, whereas historical and political science literature argue that pandemics may create breakdowns of institutions, maintaining inequality due to elite shifts and pressure from below. We review current data on the impact of COVID-19 and find that there is evidence of an upward income transfer as well as some elite shifts in the region. However, elites have controlled the economic measures to alleviate and confront the crisis and there is little evidence of a resultant institutional breakdown.
{"title":"COVID-19, elites and the future political economy of inequality reduction in Latin America","authors":"B. Bull, F. Rivera","doi":"10.18356/16840348-2020-132-5","DOIUrl":"https://doi.org/10.18356/16840348-2020-132-5","url":null,"abstract":"The literature is divided on the impact of pandemics on income inequality. The economic literature points to an increase in inequality as a result of pandemics, whereas historical and political science literature argue that pandemics may create breakdowns of institutions, maintaining inequality due to elite shifts and pressure from below. We review current data on the impact of COVID-19 and find that there is evidence of an upward income transfer as well as some elite shifts in the region. However, elites have controlled the economic measures to alleviate and confront the crisis and there is little evidence of a resultant institutional breakdown.","PeriodicalId":46450,"journal":{"name":"Cepal Review","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48475076","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-31DOI: 10.18356/16840348-2020-132-12
N. Ponte, Lucía Scuro Somma, Iliana Vaca-Trigo
This article is a contribution to the debate on the impacts of the COVID-19 crisis on gender inequalities in Latin America and the Caribbean, with a focus on women’s economic autonomy. Through a review of the contributions of feminist economics and an analysis of the empirical evidence, it identifies a deterioration in the indicators associated with women’s incomes and their participation in the labour market. The sexual division of labour is deepening in the region, endangering the scant progress made regarding women’s economic autonomy in the pre-crisis years. It warns about gender biases in crisis mitigation policies and reflects on the importance of redistributing time, resources and power to move towards a new style of development based on gender equality and sustainability.
{"title":"Women’s economic autonomy during the COVID-19 pandemic","authors":"N. Ponte, Lucía Scuro Somma, Iliana Vaca-Trigo","doi":"10.18356/16840348-2020-132-12","DOIUrl":"https://doi.org/10.18356/16840348-2020-132-12","url":null,"abstract":"This article is a contribution to the debate on the impacts of the COVID-19 crisis on gender inequalities in Latin America and the Caribbean, with a focus on women’s economic autonomy. Through a review of the contributions of feminist economics and an analysis of the empirical evidence, it identifies a deterioration in the indicators associated with women’s incomes and their participation in the labour market. The sexual division of labour is deepening in the region, endangering the scant progress made regarding women’s economic autonomy in the pre-crisis years. It warns about gender biases in crisis mitigation policies and reflects on the importance of redistributing time, resources and power to move towards a new style of development based on gender equality and sustainability.","PeriodicalId":46450,"journal":{"name":"Cepal Review","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49330855","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-31DOI: 10.18356/16840348-2020-132-7
Bresser Pereira, Luiz Carlos
This article analyses the effects of coronavirus disease (COVID-19) on Brazil’s population and economy, including its high mortality rate per 100,000 inhabitants and its slow stabilization. A brief comparison is made with what is happening in a similar Latin American country, Argentina, where the results in terms of mortality per 100,000 inhabitants have been better, and in France, where the recovery has been more robust. The article also assesses the efficiency of expenditures and notes that the comparison is also not favourable for Brazil. Lastly, it addresses the problem of financing and argues that only Argentina resorted to treasury bond purchases by the central bank, the policy adopted in most rich countries that have their own currency and central bank (which France does not have).
{"title":"Brazil: The effects of COVID-19 and recovery","authors":"Bresser Pereira, Luiz Carlos","doi":"10.18356/16840348-2020-132-7","DOIUrl":"https://doi.org/10.18356/16840348-2020-132-7","url":null,"abstract":"This article analyses the effects of coronavirus disease (COVID-19) on Brazil’s population and economy, including its high mortality rate per 100,000 inhabitants and its slow stabilization. A brief comparison is made with what is happening in a similar Latin American country, Argentina, where the results in terms of mortality per 100,000 inhabitants have been better, and in France, where the recovery has been more robust. The article also assesses the efficiency of expenditures and notes that the comparison is also not favourable for Brazil. Lastly, it addresses the problem of financing and argues that only Argentina resorted to treasury bond purchases by the central bank, the policy adopted in most rich countries that have their own currency and central bank (which France does not have).","PeriodicalId":46450,"journal":{"name":"Cepal Review","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46241532","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-31DOI: 10.18356/16840348-2020-132-4
Ha-Joon Chang
This paper explains how a “New” New International Economic Order (NNIEO) may be emerging from the slowly crumbling neoliberal international economic order that came into being in the 1980s and 1990s. First, it examines how the neoliberal order has been fading and is being reshaped in the wake of the decline of the multilateral international trading system (embodied by the World Trade Organization (WTO)) and the 2008 global financial crisis. It then discusses how recent changes in the world economy and in prevailing ideas, together with a number of contingent factors—such as climate change, the rise of China and the coronavirus disease (COVID-19) crisis— are making the emergence of an NNIEO more likely, while recognizing that some factors may hinder progress towards it.
{"title":"Building pro-development multilateralism: Towards a “New” New International Economic Order","authors":"Ha-Joon Chang","doi":"10.18356/16840348-2020-132-4","DOIUrl":"https://doi.org/10.18356/16840348-2020-132-4","url":null,"abstract":"This paper explains how a “New” New International Economic Order (NNIEO) may be emerging from the slowly crumbling neoliberal international economic order that came into being in the 1980s and 1990s. First, it examines how the neoliberal order has been fading and is being reshaped in the wake of the decline of the multilateral international trading system (embodied by the World Trade Organization (WTO)) and the 2008 global financial crisis. It then discusses how recent changes in the world economy and in prevailing ideas, together with a number of contingent factors—such as climate change, the rise of China and the coronavirus disease (COVID-19) crisis— are making the emergence of an NNIEO more likely, while recognizing that some factors may hinder progress towards it.","PeriodicalId":46450,"journal":{"name":"Cepal Review","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42335934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-31DOI: 10.18356/16840348-2020-132-8
Martín Abeles, Esteban Pérez Caldentey, G. Porcile
The economies of Latin America and the Caribbean have been slipping behind in the global economy, weighed down by structural problems that hinder their capacity to grow and absorb technology. The coronavirus disease (COVID-19) pandemic has not only brought these structural problems into sharper relief, but has also exacerbated them, by reinforcing adverse trends in growth, employment and income distribution. This article analyses these trends and argues that the crisis requires a response that is both immediate but also aims to overcome long-term constraints. Very robust fiscal policies are needed to sustain aggregate demand; and such policies need a substantial investment component aimed at building technological capacities, increasing diversification and strengthening linkages in the production matrix.
{"title":"The COVID-19 crisis and the structural problems of Latin America and the Caribbean: Responding to the emergency with a long-term perspective","authors":"Martín Abeles, Esteban Pérez Caldentey, G. Porcile","doi":"10.18356/16840348-2020-132-8","DOIUrl":"https://doi.org/10.18356/16840348-2020-132-8","url":null,"abstract":"The economies of Latin America and the Caribbean have been slipping behind in the global economy, weighed down by structural problems that hinder their capacity to grow and absorb technology. The coronavirus disease (COVID-19) pandemic has not only brought these structural problems into sharper relief, but has also exacerbated them, by reinforcing adverse trends in growth, employment and income distribution. This article analyses these trends and argues that the crisis requires a response that is both immediate but also aims to overcome long-term constraints. Very robust fiscal policies are needed to sustain aggregate demand; and such policies need a substantial investment component aimed at building technological capacities, increasing diversification and strengthening linkages in the production matrix.","PeriodicalId":46450,"journal":{"name":"Cepal Review","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46295884","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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