Import Substitution and Semi-Industrialization in Latin America, 1930–1970s

2018 ◽  
pp. 117-146
Author(s):  
Frederick Stirton Weaver
Keyword(s):  
Latin America ◽  
Import Substitution

Industrial Exports and Peronist Economic Policies in Post-War Argentina

2012 ◽  
Vol 44 (2) ◽  
pp. 285-317 ◽  
Author(s):  
CLAUDIO BELINI
Keyword(s):  
Latin America ◽  
Import Substitution ◽  
Second World War ◽  
Economic Policies ◽  
World War ◽  
Foreign Markets ◽  
Industrial Policies ◽  
Manufactured Goods ◽  
Post War ◽  
Second World

AbstractThis article studies the growth and decline of Argentine exports of manufactured goods during the 1940s and 1950s. In a context that was favourable due to the global scarcity of manufactured goods, Argentine industry managed to sell its products in several foreign markets, especially in Latin America, during the Second World War. In the post-war period, however, exports declined and returned to the levels of the 1930s. After 1950 the Peronist administration again tried to stimulate exports through the use of various incentives, but they did not revive. The article examines the reasons for this decline, the role played by the economic, commercial and industrial policies of the Peronist era, and the problems that Argentine industry faced in remaining competitive. Based on this analysis, the paper questions the interpretation that argues that exporting manufactured goods was a viable path for development for import substitution industrialisation countries in the post-war world. In this respect the paper contributes to the discussion of different paths towards economic development in Latin America.

scholarly journals Three Waves of Populism in Latin America

2014 ◽  
pp. 153-160
Author(s):  
O. V. Varentsova
Keyword(s):  
Latin America ◽  
Latin American ◽  
Import Substitution ◽  
Third Wave ◽  
Political Regimes ◽  
Political Transitions ◽  
Playing Field ◽  
The Third ◽  
Neoliberal Reforms ◽  
Hugo Chavez

Contemporary political regimes in Venezuela and Bolivia led by late Hugo Châvez (now by his successor Nicolas Maduro) and Evo Morales are considered by foreign and Russian scholars as part of the third wave of populism. In the 20th century Latin America already witnessed two waves of populism which coincided with significant political transitions, namely a transition from oligarchy to mass politics accompanied by implementation of import substitution industrialization policies, and a transition from authoritarian rule to democracy during the third wave of democratization which triggered neoliberal reforms inspired by Washington Consensus. This article presents common characteristics of Latin American populist regimes that emerged in different historical periods which help identify the origins as well as distinctive features of Venezuelan and Bolivian political regimes. It is stated that the Châvez and Morales left populist regimes resemble classic populist regimes in that they rely on incendiary anti-establishment discourse. Therefore, left populist regimes are characterized by high levels of polarization as well as weak institutionalization and class or indigenous orientation. Election of left populist leaders may lead to institutional deadlock, uneven playing field and transition to competitive authoritarianism.

scholarly journals Revisiting Raúl Prebisch’s concept of crisis

2020 ◽  
Vol 28 (1) ◽  
pp. 145-164
Author(s):  
Crespo Maria Victoria ◽  
Keyword(s):  
Latin America ◽  
Turning Point ◽  
Import Substitution ◽  
Role Of The State ◽  
Economic Commission ◽  
Neoclassical Economic Theory ◽  
The Caribbean ◽  
Horizon Of Expectations ◽  
Theoretical Proposal

This article offers a review and appraisal of the concept of crisis in the context of the remarkable trajectory and works of argentine economist Raul Prebisch. It argues that the crisis of the 1930s is the foundation of Prebisch’s theoretical proposal on dependency and development in Lat-in America. The crisis of 1929-1930 was the turning point that encour-aged him to revise and reinvent neoclassical economic theory, promote industrialization and import substitution, and, more importantly, to deeply restructure the role of the State in the region. The crisis leads to decision and action, and it implies and orientation towards the future, a new “horizon of expectations.” This horizon throughout the most part of the twentieth century in Latin America was development. The article also puts forward an interpretation of his program at the Economic Commission for Latin America and the Caribbean (ECLAC/CEPAL), also triggered by the crisis and oriented to the formulation of policies meant to overcome the crisis. Finally, the article shows how through his interactions with CEPAL sociologists, in particular José Medina Echavarría, Prebisch proposes a redefinition of his concept of crisis, shifting from an economic and junctural concept to a structural one: the crisis of peripheral capitalism

Latin America and the World Economy: Some Observations on External Indebtedness and the International Monetary System

1978 ◽  
Vol 20 (3) ◽  
pp. 321-339
Author(s):  
Aldo Ferrer
Keyword(s):  
Latin America ◽  
Latin American ◽  
World Economy ◽  
International Monetary System ◽  
Import Substitution ◽  
External Debt ◽  
Economic Recession ◽  
Balance Of Payments ◽  
Adjustment Process ◽  
The World

Since 1973 most of the Latin American countries have experienced deterioration in their balance of payments due to the economic recession in the industrial countries and the oil price increases. The consequent adjustment process has called for stricter regulation of domestic demand and new advances in import substitution. Adjustment was less painful due to access to private financing in the international capital markets which, however, produced a sharp increase in the external debt.This article does not propose to review the recent patterns of external payments, already extensively analyzed in the periodic reports of the UN Economic Commission for Latin America, the International Monetary Fund, and in other studies. Rather, it will attempt to emphasize some long-term changes in the world economy and in Latin America that influence the international participation of the region. It is in this context that the adjustment process of the balance of payments and the external debt should be evaluated.

State Autonomy and the Crisis of Import Substitution

1989 ◽  
Vol 22 (3) ◽  
pp. 291-314 ◽  
Author(s):  
HENRI J. BARKEY
Keyword(s):  
Political Economy ◽  
Latin America ◽  
Private Sector ◽  
Import Substitution ◽  
State Autonomy ◽  
Great Expectations ◽  
State Dynamic ◽  
Loss Of Autonomy

Import Substituting Industrialization (ISI) strategies that were instituted with great expectations in Latin America and elsewhere have not produced the desired results. Instead, ISI has been blamed for giving rise to inefficient economic structures and even for the emergence of Bureaucratic Authoritarian States. This article argues that the problems generally attributed to ISI are, in fact, due to a lack of state autonomy. What causes the loss of autonomy is the emergence of powerful and fiercely competing private sector interests intent on maximizing their share of “economic rents.” The resulting private sector-state dynamic hampers the formulation of long-term policies. The operation of this dynamic is demonstrated through a case study of Turkey in the 1970s, where the state, paralyzed by private sector competition, just witnessed the collapse of its political economy.

Embedding Neoliberal Reform in Latin America

2008 ◽  
Vol 60 (2) ◽  
pp. 231-280 ◽  
Author(s):  
Marcus J. Kurtz ◽  
Sarah M. Brooks
Keyword(s):  
Latin America ◽  
Public Sector ◽  
Latin American ◽  
Industrial Development ◽  
Debt Crisis ◽  
Import Substitution ◽  
State Intervention ◽  
Economic Openness ◽  
Cross Sectional ◽  
State Interventions

Although research in the advanced industrial nations has identified a supportive link between an expanded public sector role and economic openness, studies of the developing world have been much less sanguine about the possibilities of broader state intervention in the context of economic liberalization. The authors investigate the possibility that governments in Latin America may “embed” economic openness in a broader public sector effort. They find that while several countries have moved toward an orthodox neoliberal model with minimal state interventions, other Latin American governments have maintained a broader public sector presence on the supply side of the economy while pursuing deep liberalization. They call the latter strategy “embeddedneoliberalism,” to distinguish it from the more egalitarian ambitions of postwar embedded liberalism. Cross-sectional time-series analysis reveals that embedded neoliberal strategies in Latin America have grown out of a legacy of advanced import-substitution industrialization and have been promoted by nonleft governments, except in cases where labor is very strong. The orthodox neoliberal model, by contrast, has emerged where postwar industrial development was attenuated and where labor unions were weakened considerably by the debt crisis.

Multiple Exchange Rate Policies in Latin America

1968 ◽  
Vol 10 (1) ◽  
pp. 35-52 ◽  
Author(s):  
Wolfgang König
Keyword(s):  
Monetary Policy ◽  
Latin America ◽  
Exchange Rates ◽  
Latin American ◽  
Import Substitution ◽  
Multiple Exchange ◽  
International Monetary Policy ◽  
Trade And Exchange ◽  
Latin American Countries ◽  
The International Monetary Fund

The persistence of trade and exchange controls in developing countries is of growing concern among economic circles and has been dealt with in recent discussions and papers, both published and unpublished. In Latin America exchange practices have severely tested the International Monetary Fund (IMF), which represents the prevailing ideology of a liberal international monetary policy. The principles and activities of this institution have tended to conflict in many ways with the development efforts of Latin American countries—a fact that has not always been fully recognized due to the confidential nature of many of the Fund's actions. One important issue has been the problem of multiple exchange rates, which, in many Latin American countries, came to constitute an important instrument of the policy of industrialization through import substitution.

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