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Daron Acemoglu, Simon Johnson and James Robinson (AJR, 2002) famously argued that a ‘reversal of fortune’ had taken place among ex-European colonies. Generally speaking, they argued, those ex-colonies that had been richest in 1500 would become the poorest by the end of the twentieth century. This, they claimed, was due to the different institutions established by Europeans.
Once upon a time, economists regularly used to publicly criticise each other’s work in academic journals. But not any more.
In a new working paper I report the most important finding of my PhD dissertation. In ‘Resolving the Halperín Paradox: The Terms of Trade and Argentina’s Expansion in the Long Nineteenth Century’ I show that Argentina’s terms of trade improved dramatically during the long nineteenth century.
In a previous post I outlined some of the problems encountered by Jeffrey Williamson when he attempted to measure the periphery’s terms of trade in the nineteenth century. I have now uploaded a new ‘Technical Paper’ titled ‘The Periphery’s Terms of Trade in the Nineteenth Century: A Methodological Problem Revisited’, which is a considerably revised version of Chapter 2 of my PhD dissertation. In it I have detailed the methodological issue and why it affects Williamson’s analysis.
José Alfredo Martínez de Hoz was the product of one of Argentina’s most famous landowning families. As Minister of Economy during the dictatorship of 1976-83, he then became infamous as the architect of an economic programme that left the country racked by stagnation and hyperinflation. To understand why this occurred, it is helpful to look at the origins of the man himself.
Last year the eighth edition of the Penn World Table (PWT) was released to considerable fanfare – indeed, one commentator described it as ‘a special day for all researchers and practitioners of economics‘. Yet its series for Argentina raises more questions than it answers.
Jeffrey Williamson‘s (2011) book Trade and Poverty: When the Third World Fell Behind is one of the most interesting attempts to explain the ‘great divergence’ between rich and poor countries. It is a shame, then, that it is marred by his use of Mickey Mouse numbers.
Andre Gunder Frank‘s Lumpenbourgeoisie, Lumpendevelopment was published in 1972, almost half a century ago. Reading it now, it is surprising how contemporary it seems. Most notably, in a few pages Frank appears to provide a review of the ‘neo-institutionalist’ literature that is so prominent today in debates about the ‘great divergence’ between rich and poor countries.
Recently the Economist published a front-page feature on ‘The Tragedy of Argentina: A Century of Decline‘. By summarising the current scholarship on the ‘Argentine paradox’, the article demonstrates why the study of the country’s history remains so necessary.