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CEPAL Review

Cepal Review is the leading journal for the study of economic and social development issues in Latin America and the Caribbean. Edited by the Economic Commission for Latin America, each issue focuses on economic trends, industrialization, income distribution, technological development and monetary systems, as well as the implementation of economic reform and transfer of technology. Written in English and Spanish (Revista de la Cepal), each tri-annual issue offers approximately 12 studies and essays undertaken by authoritative experts or gathered from conference proceedings.

English Spanish

The process of accumulation and the weakness of the protagonists

During the three decades leading up to the present crisis the growth of the product, employment and the level of investment in Latin America reached a very high rate, but the process of accumulation had two important defects, if compared to the United States in the period 1870-1910. First, its greater dependence on the exterior, both on direct foreign investment and on external financing and, second, the lesser relative importance of local private investment in comparison with State investment. Both these features illustrate the relative weakness of local private business in the process of capital accumulation.

English Spanish

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