Chapter 4 considers the shift of Latin America, in the wake of major global shocks, toward State-led industrialization. This new development pattern, dominant in the large and mid-sized economies, was characterized by a focus on industrialization, a significant expansion of the role of the State and an orientation toward the domestic market; the latter feature tended to change with the opportunities to export manufactures and renewed access to private external financing since the mid-1960s. Most small economies superimposed these patterns on persistent export-led growth. After a transitional stage of slow growth during the Great Depression and the Second World War, Latin America experienced up to 1980 the fastest economic and productivity growth rates in history, a population explosion and rapid urbanization. Particularly during the second phase, human development accelerated and there was the fastest reduction in poverty in the twentieth century, though with diverse trends in income distribution.
Keywords: state-led industrialization, import-substitution industrialization, great depression, economic commission for latin america and the caribbean, state intervention, macroeconomic imbalances, convergence/divergence, human development, poverty, inequality
Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.
If you think you should have access to this title, please contact your librarian.