Catching Up and Falling Behind in Selected Latin American Countries: A Classical-Marxian Analysis

This article examines and compares the economic growth trajectories of Argentina, Brazil, Chile, Colombia, and Mexico from 1950 to 2019. Using a classical-Marxian approach, we explore the region’s economic performance. Latin America was one of the most dynamic regions in the global economy during the golden age of 1945–1973. However, during neoliberalism, most Latin American countries fell behind. Our analysis reveals that these nations are locked in a low profitability trap, resulting in persistent reduced investment and sluggish growth. A new developmental strategy is necessary to overcome this quasi-stagnation. JEL Classification : E11, N10, N15, N16, O30