Chapter

State-led Industrialization

Luis Bértola and José Antonio Ocampo

in The Economic Development of Latin America since Independence

Published in print October 2012 | ISBN: 9780199662135
Published online January 2013 | e-ISBN: 9780191748950 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199662135.003.0004

Series: Initiative for Policy Dialogue

State-led Industrialization

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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

Chapter.  27895 words.  Illustrated.

Subjects: Economic History

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