Essay about Post-Depression Industrialization in Latin...

Post-Depression Industrialization in Latin America For most of the first century after independence, all republics in Latin America followed an economic policy of export-led growth based on primary-product exports. The tremendous economic crisis of the 1930s that had a crushing and widespread impact on Latin America; precipitated by the global economic depression, forced Latin American nations to re-evaluate this exogenous economic growth model and to transform their economic policies in the direction of long-neglected diversification of the economy, particularly toward an endogenous model oriented to industrialization. In order to understand the economic growth model shift from export-led to industrialization through the†¦show more content†¦During this period, the economic policies of Latin American governments were relatively single-mindedly oriented to enhance the export sector, while doing little to promote any type of diversification of the economy or domestic industrial economic development. Swift discussed these government policies: In addition to facilitating the system of landholding and labor use for the production of exports, governments used tax exemptions, subsidies for new plantings, and waivers for duties on imported inputs to further development of the export sector. The state also used its borrowing power to obtain funds abroad for the infrastructure that supported this sector. By the end of the nineteenth century most Latin American countries had firmly established outward-oriented economic structures. The pace of domestic income growth and wealth accumulation was almost entirely dependant upon external factors, such as favourable demand and prices for the primary exports of Latin America. While the world economyShow MoreRelatedThe Us Market Crash Of 1929 Affected Western Industrialized Countries904 Words   |  4 Pagesmarket crash of 1929 affected all Western industrialized countries; however, the repercussions sensed by Latin American countries were quite severe, especially throughout the years to come. The establishment of US investments in Latin America and the exports Latin American countries provided to the US were about to take different paths. 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