El modelo primario exportador: las raíces históricas de la regresividad fiscal en Honduras (1876-1931)

The present article analyzes Honduras´s integration into the global capitalist economy in the late 19th century, highlighting the impact of the second industrial revolution and liberal reforms on the development of a dependent economic model. The attraction of foreign capital through tax incentives and concessions facilitated the consolidation of productive enclaves −such as mining and the banana industry− that operated outside the national economy. This dual structure, composed of a dynamic export sector and a stagnant subsistence sector, limited productive diversification and hindered the development of a solid domestic market. The state´s fiscal fragility, exacerbated by the dominance of foreign companies exempt from significant contributions, reinforced wealth inequality and perpetuated a relationship of dependence on transnational capital, shaping the country´s economic and political development throughout the 20th century.