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The idea of Chile as a “free market miracle” is one of the most powerful myths in the recent history of economic development, but Chile’s export diversification was really the result of carefully crafted government interventions, writes
Amir Lebdioui (LSE Latin America and Caribbean Centre).
Assessing industrial policies in Chile remains a contentious and divisive topic. Chile has long been held up as an almost textbook example of the success of “letting the market do its work”, as there was a broad agreement among mainstream economists that Chile had largely succeeded in promoting strong and stable growth because it had embraced free market policies.
Carnegie Endowment for International Peace
Source: Getty
Summary: Many African countries have placed economic diversification high on the policy agenda, yet they first need to define what it means in their specific structural and socioeconomic contexts.
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Summary
For decades, economic diversification has been a policy priority for low- and middle-income economies. In the words of former managing director of the International Monetary Fund (IMF), Christine Lagarde, “We know that economic diversification is good for growth. Diversification is also tremendously important for resilience.” Unfortunately, this goal continues to elude many African countries. In fact, the continent is home to eight of the world’s fifteen least economically diversified countries. This reality weakens the foundation of their economic transfomation and slows their pace of progress. It also makes these countries part