Vinculaciones Políticas en un Régimen de Banca Libre: El Caso de la Crisis Bancaria de 1878 en Chile

IGNACIO BRIONES

REVISTA DE HISTORIA ECONOMICA, Volume 34, Issue 3

Abstract: In 1878 Chile experienced a banking crisis which brought an end to the Chilean free-banking period based on convertibility initiated in 1860. Using monthly bank balance sheets and other primary sources, I analyze the period and argue that one important explanation for the crisis was the growing relationship between banks and government through state loans to finance fiscal deficits and privileges to the issuing banks. I claim that the crisis emerged from a large bank loan in late 1877 which induced over-issuance and depreciation expectations leading, logically, to a bank run. The Chilean case provides valuable evidence of an element frequently neglected by the free-banking literature: the links between banks and government.

 

 

Cartas Españolas de Jean-Baptiste Say: Evidencias Para el Estudio de la Circulación de Ideas Económicas

JOSÉ M. MENUDO

Journal of Iberian and Latin American Economic History, Volume 34, Issue 2

Abstract: Este trabajo transcribe cinco cartas inéditas dirigidas a Jean-Baptiste Say por Manuel María Gutiérrez, Álvaro Flórez Estrada y el Marqués de Valle Santoro, respectivamente. Esta correspondencia acredita la proximidad de los autores españoles a las obras canónicas de la Economía clásica. Destacamos algunas evidencias de interés para el estudio de la transmisión de las ideas económicas. En primer lugar, la traducción de la obra de Say es un proyecto colectivo, estructurado en torno a la Real Sociedad Económica de Amigos del País de Madrid. Describimos también la tarea de expurga de los pasajes condenables para poder publicar en castellano el Traité d`économie politique, concretamente aquellos relativos al papel de la religión en el desarrollo económico y en la educación pública.

The Roots of Brazil’s Heavy Taxation

GABRIEL ONDETTI
JOURNAL OF LATIN AMERICAN STUDIES 47.4 (2015): 749-779

Abstract: Latin America is widely known as a low-tax region, but Brazil defies that description with a tax burden almost double the regional average. Though longstanding, Brazil’s position atop the tax burden ranking is not a historical constant. As recently as the early 1950s three other countries, Argentina, Chile and Uruguay, had similar or even heavier burdens. However, by the early 1980s Brazil had emerged as the most heavily taxed country in Latin America, and subsequent decades reinforced that status. This article seeks to uncover the roots of Brazil’s heavy taxation by examining the process through which it rose to the top of the regional ranking and managed to stay there. It emphasises two variables, the social class bases of public sector growth and the degree of support for democracy among key political actors. Despite changing over time, these variables have consistently interacted in ways that favour rising taxation.

Classical Liberalism in Guatemala

ANDRÉS MARROQUÍN AND FRITZ THOMAS
ECON JOURNAL WATCH 12.3 (2015): 460-478

Abstract: We give an account of classical liberalism in Guatemala, its successes, failures, and main figures. Classical liberalism is a young tradition in the country and relatively small. The three most important organizations are Universidad Francisco Marroquín, the Center for Economic and Social Studies (CEES), and the Center for National Economic Research (CIEN). The most important individual for liberalism in Guatemala has been Manuel Ayau, who passed away in 2010.

Venezuela: Without Liberals, There Is No Liberalism

HUGO J. FARIA AND LEONOR FILARDO
ECON JOURNAL WATCH 12.3 (2015): 375-399

Abstract: The Venezuelan economy evolved from a growth miracle (1920–1957) to a growth disaster (1960 to the present). This paper describes the institutional collapse behind this reversal of fortunes. To cast light on Venezuela’s U-turn we provide a brief historical account, and we discuss the role played by educational organizations, the media and culture, and political and entrepreneurial elites in the destruction of liberal institutions. We also describe the most prominent liberal reactions to the pervasive institutional decay endured by the country. Finally, a major lesson emerges from this case study: illiberal mindsets coupled with the absence of leadership bring dire consequences for the people’s standard of living.

The Stock Exchange, the State and Economic Development in Mexico, 1932-1976

JAVIER MORENO-LAZARO
REVISTA DE HISTORIA ECONÓMICA / JOURNAL OF IBERIAN AND LATIN AMERICAN ECONOMIC HISTORY 33.2 (2015): 321-350

Abstract: In this article I examine the history of the Mexican Stock Exchange from the end of the Revolution until 1975, under the hypothesis that it did not carry out its pertinent functions in corporate financing but was rather an economic and political instrument of the government. Due to state intervention and the deficient definition of property rights, its functioning was completely anomalous except during this period. The article represents a first step in the study of the role of the stock exchange in Latin American corporatist economic models.

Tracing the Reversal of Fortune in the Americas: Bolivian GDP Per Capita since the Mid-nineteenth Century

ALFONSO HERRANZ-LONCÁN, JOSÉ ALEJANDRO PERES-CAJÍAS
CLIOMETRICA (2015). ADVANCED ONLINE PUBLICATION. DOI
10.1007/s11698-015-0125-2

Abstract: In the centuries before the Spanish conquest, the Bolivian space was among the most highly urbanized and complex societies in the Americas. In contrast, in the early twenty-first century, Bolivia is one of the poorest economies on the continent. According to Acemoglu et al. (Q J Econ 117(4):1231–1294, 2002), this disparity between precolonial opulence and current poverty would make Bolivia a perfect example of “reversal of fortune” (RF). This hypothesis, however, has been criticized for oversimplifying long-term development processes by “compressing” history (Austin in J Int Dev 20:996–1027, 2008). Continue reading