Economic crises in Latin America: Some considerations in the light of Kalecki’s theory

Since the demise of their high-growth period, which lasted from the 1950s through the beginning of the 1980s, Latin American economies have seen their long-run average growth rate decline. Simultaneously, they have been subject to several and in some cases dramatic foreign exchange crises. The crises and subsequent recoveries are very idiosyncratic. Still, there seems to be a certain typical pattern amongst Latin American semi-industrialized economies,1 which allows for some generalizations.