Economic efficiency implies an equating, at the margin, of benefits and costs. In this paper we explore a concept of "efficiency" which is broader than the usual framework and which applies to commodities and services produced and distrib- uted largely outside the private, profit maximiz- ing...

Most analysts of the modern Latin American economy hold to a pessimistic belief in historical persistence - they believe that Latin America has always had very high levels of inequality, suggesting it will be hard for modern social policy to create a more egalitarian society. This paper argues...

"W. Arthur Lewis argued that a new international economic order emerged between 1870 and 1913, and that global terms of trade forces produced rising primary product specialization and de-industrialization in the poor periphery. More recently, modern economists argue that volatility reduces...