Private Savings

Part of the Problems in Focus Series book series (PFS)


Perhaps no other characteristic of an economy is at the same time so important, so elusive of precise measurement and so difficult to explain as the private savings rate. Its importance in the context of Latin American development is obvious. All Latin American economies except Cuba have mixed economies. Governments play an important role in capital accumulation, but the bulk of investment is carried on and financed by the private sector. The proportion of the national income taken as tax varies a great deal within Latin America and while it is likely that some governments — for example, Mexico — could raise more revenue if it was felt to be essential, this is not a general position. Within the constraints imposed by their institutional structure and ideological outlook, it is safe to say that most governments could not substitute tax revenue for private savings and maintain existing savings levels.


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Copyright information

© Keith Griffin, Lester C. Thurow, Jorge Arrate, Lucio Geller, Laurence Whitehead, Arthur L. Domike, Victor E. Tokman, Timothy King, Rosemary Thorp 1971

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