The best books on the history of political economy in Latin America

In this classic and pioneering study, Joseph Love traces how ideas about underdevelopment travelled from interwar Rumania to postwar Brazil, two peripheral regions united in their disenchantment with the promises of economic liberalism.

Household names like Mihail Manoilescu, Raúl Prebisch, and Celso Furtado come across as heirs to a long intellectual tradition connecting Russian Narodnik populism to Latin American dependency theory a century later.

These disparate historical actors were brought together by a shared concern with the obstacles to development posed by a world of structural economic and geopolitical inequalities, thus shining a spotlight on the conflicting interests between the West and the Rest.

A living illustration of the nexus between Rumania and Latin America in the field of political economy, this work is the English translation of a monograph written in Spanish by Popescu, a Rumanian economist who emigrated to Argentina after WWII.

Still unparalleled in scope, the book retraces the evolution of political economy in Spanish America since the early days of European domination in the continent, highlighting the dissemination of scholastic, physiocratic, and classical economic doctrines as well as their transformation in the hands of Latin Americans.

Tellingly, Raúl Prebisch does not occupy center stage, appearing instead as a simple epilogue to the long odyssey chronicled by Popescu.

This sprawling, two-volume collection of essays approaches the history of political economy in Latin America not as a chapter of intellectual history, but rather as an extension of the practices of state-building pursued in the continent.

The first volume, Republics of the Possible, covers the period from the early days of independence to the turbulent 1930s, touching on subjects as diverse as militarization, fiscal systems, educational institutions, national statistics, and ideological disputes.

The second volume, The Rise and Fall of the Developmental State, explores the 20th-century Latin American experiment on state-led development: its ideological underpinnings, the design of appropriate institutions, and the ambiguous aftermath of the developmental era in different national settings.

A third volume is still in the works to complete this state-of-the-art trilogy.

Kathryn Sikkink brings a political science approach to the study of developmentalism as a policy framework in postwar Latin America.

Rather than rationalizing the ideology of development as the expression of interest group politics, the book interrogates the channels through which ideas find their way into institutional settings, and thence into political action. Contrasting the historical experiences of Brazil and Argentina, Sikkink shows how the same intellectual premises may lead to disparate results when put to work within different national settings.

Ideas do matter, but if they are to succeed, they need to find a hospitable institutional environment – which sheds light on both the possibilities and challenges faced by Latin American nations seeking to shape their own destiny.

The most recent entry on my list is already a landmark achievement.

Margarita Fajardo’s authoritative monograph places the UN’s Economic Commission for Latin America – the incubator for the cepalinos who successfully challenged the postwar consensus on developmental policy – into the broader geopolitical history of the 20th century. This richly detailed study retraces the emergence of an intellectual and political movement that channeled discontent with the structural biases inherent in the global economic order into a cogent agenda of political economy for the peripheries of capitalism.

It also reveals how the fragmentation of the fragile postwar liberal consensus, in both North and South, eventually pushed this movement toward the high-powered framework of dependency theory, and thence into anti-establishment activism across the world.