Problems in evaluating Latin American development
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Comment on an article by Keith B. Griffin, "Reflections on Latin American development," [Oxford Economic Papers], March 1966. Three aspects of the article are discussed: sources of Latin American development, distribution of income, and alternative possibilities for reform. In contrast to Griffin's analysis, evaluation of past sources of Latin American economic growth reveals that foreign investors in Latin America do not necessarily receive all the profits from their investments; that the problem of uncertainty about future foreign exchange earnings from exports is a problem that merits more attention than the prospect that long-run trends will be unfavorable; and that manufacturing as a source of future growth in Latin America will depend largely on foreign investment and imported entrepreneurship, with greater reliance on domestic investors as the economy becomes more highly developed. Wide variations in the distribution of income in the agricultural sector reflect the absentee landlord's difficulties in effectively delegating responsibility and the threat that technical change offers in mobilizing his resources. Contrary to Griffin's hypothesis that organized labor-intensive rural investments in China help to mobilize the masses for development, indications are that the Chinese experience has not been an unqualified success. 24 pp.
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