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Pathways to Industrialization in the Twenty-First CenturyNew Challenges and Emerging Paradigms$
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Adam Szirmai, Wim Naudé, and Ludovico Alcorta

Print publication date: 2013

Print ISBN-13: 9780199667857

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199667857.001.0001

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Industrial Policies in Latin America

Industrial Policies in Latin America

(p.223) 8 Industrial Policies in Latin America
Pathways to Industrialization in the Twenty-First Century

Wilson Peres

Oxford University Press

Industrial policies seek to change a country’s production structure, which implies the creation of new industries. In Latin America import substitution industrialization prioritized the creation of new sectors and the diversification of the production structures, with the objective of changing the prevalent specialization pattern and increasing the weight of technology-intensive activities in the production structure. In the 1970s most industry analysts highlighted that investment had two complementary effects on the economy. On the one hand, there was a supply effect through the creation of production capacity (capital accumulation), on the other hand, a demand effect on the production of capital goods. Such processes generated stop-and-go cycles derived from recurring trade imbalances. This, together with the recognition of potential knowledge and productivity spillovers derived from technical progress embedded in capital goods production, were the rationale behind programmes to foster the domestic production of such goods.

Keywords:   industrial policy, Latin America, import substitution, capital goods, technical progress, domestic production

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