Structural constraints on development in Latin America and the Caribbean: A post-crisis reflection

The development of Latin America and the Caribbean is still a work in progress. Although there have been macroeconomic improvements, allowing the region to confront the recent crisis on a better footing, this crisis has exposed old and new structural constraints faced by the countries of the region, which are reflected in the persistence of large social, economic, fiscal and environmental gaps. These gaps need to be closed for the sake of future generations and as a precondition for viable development that combines economic growth with equality and sustainability. This suggests that there are more than just economic reasons for the State to play, once again, a major role in development strategies, so that public policies take the lead in building the future. The main purpose of the present article is to make this argument.