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date: 04 December 2020

Abstract and Keywords

This chapter analyses the central features of shifting paradigms in Latin America, presents an overall evaluation of the development outcomes, and describes state-led industrialization, a concept that expands upon the more traditional concept of Import Substitution Industrialization. This paradigm was replaced during the 1970s in a few countries and the mid-1980s in the rest of the region by another that placed markets and integration at the centre of the world economy. The economic literature is full of caricatures of both paradigms. Following terminology that was common in Latin American structuralism in the past but has actually become quite fashionable in other schools of thought in recent years, the chapter refers to the industrial countries as the ‘centre’ and developing countries as the ‘periphery’ of the world economy.

Keywords: state-led industrialization, import substitution, market integration, Latin America, economic policy, world economy

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