The Structural Transformation of Latin American Economies: A sectoral Long-Term Review
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This chapter presents a continent-wide and sectoral overview of the structural transformation of Latin American economies since the 1970s. In this report we call structural transformation the generally accepted feature of economic development, whereby countries as they experiment economic growth and develop, display a relative shrinking of the agricultural sector; i.e. as the country and agriculture itself grow the relative contribution of agriculture to overall GDP and the sector’s relative con tribution (as a proportion) to national income and employment fall. These universal characteristics of the development process are studied from a sectoral and macroeconomic perspective in a comparative review of Latin American development since the 1970s.