In the Centre and in the Periphery : The Economic Ideas and Legacies of Raúl Prebisch Jamie Margetson – PO-345 Arriving in the vibrant, cosmopolitan city of Buenos Aires in 1918, the young Raúl Prebisch (1901-1986) scarcely imagined that it would be the opening act of a highly remarkable career; one leaving a legacy which would see him revered across the whole of Latin America, but reviled at home in his beloved Argentina. His work, inspired by the plight of indigenous workers in his birthplace of Tucumán, would see him hailed as “the most influential Latin American economist of all time.” 150 Deeply devoted to public service, Prebisch’s career as a policymaker and economic diplomat would be fundamental in shaping the thinking of an entire generation of Latin American economists. His central theses, the idea that there are two int errelated elements in the global economy, the “centre” and the “periphery” 151 , and the Prebisch-Singer hypothesis, would give birth to Latin American structuralism: a novel approach to economics that would play a pivotal role in Latin American development during the latter twentieth century. His reputation as an institution builder and tour de force in development economics cannot be understated. While his policies were not always successful, and the institutions he led would inevitably falter, Prebisch left a legacy that few of his compatriots could match. Understanding Latin American development in the twentieth century is impossible without first understanding the economic ideas and legacies of Raúl Prebisch. During the early twentieth century, Argentine economic thought was dominated by neoclassical orthodoxy. Disillusioned 152 150 Oreste Popescu, Studies in the History of Latin American Thought (London: Routledge, 1997), page 269. 151 Raúl Prebisch, “Anotaciones sobre nuestro medio circulante” Revista de Ciencias Económicas (Buenos Aires) 9, serie 2 (3) 1921, pages 93-175. 152 Edgar J. Dosman, The Life and Times of Raúl Prebisch 1901-1986 (Montreal: McGill- Queen’s University Press, 2008), pages 27 -28.
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