Development Finance in Latin America: Basic Principles
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Latin America is a diverse continent and the countries within it encompass a wide variety of economic and social conditions. In 1966 per capita G.N.P. ranged from $890 in Venezuela to $87 in Haiti. Some countries are populated mostly by European immigrants; others by native Indians and mestizos. The church is politically strong in some; weak in others. In planning economic development one must take such variations among and within countries into account. At the same time there are a series of economic problems that are common to all Latin American countries. This chapter focuses on the common problems, but this does not imply that the variations from the common picture can be disregarded.
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- 1.For a longer discussion on the allocation decisions which any society must make, see Richard A. Musgrave, The Theory of Public Finance (McGraw-Hill, New York, 1959), ch. 1.Google Scholar
- 2.Harley H. Hinrichs, A General Theory of Tax Structure Change during Economic Development (Harvard Law School, 1966).Google Scholar
- 3.Richard Goode, ‘Personal Income Tax in Latin America’, in Fiscal Policy for Economic Growth in Latin America (O.A.S., Johns Hopkins Press, Baltimore, 1965), p. 159.Google Scholar