El largo declive de Uruguay durante el siglo XX

Abstract

Uruguay experienced a steady economic decline during the 20th. century characterized by three main facts: 1) compared growth is poor; 2) economic fluctuations are comparatively deep, and 3) at least during the second half of the century, the growth of economy is more due to the intensification of the use of production factors rather than greater efficiency in the way these were used. As a consequence, towards the end of the century, the inhabitants in Uruguay were relatively less wealthy than they were one hundred years before. The article includes a convergence exercise showing that the economic performance of Uruguay during the 20th century does not converge with its relevant world; a comparison of cyclical economic fluctuations of Uruguayan economy; and an exercise of growth accounting identifying the contributions of growth factors to the Uruguayan growth.