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The Economic Development of Latin America since Independence$
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Luis Bértola and José Antonio Ocampo

Print publication date: 2012

Print ISBN-13: 9780199662135

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199662135.001.0001

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State-led Industrialization

State-led Industrialization

(p.138) 4 State-led Industrialization
The Economic Development of Latin America since Independence

Luis Bértola

José Antonio Ocampo

Oxford University Press

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

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