POL305Y1 Lecture Notes - Alberto Fujimori, Status Quo, Neoliberalism

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Isi = import substitution industrialization (esp mexico and argentina) 1930s, core countries went into the great depression, creating a space in the global south to create their destiny. They could no longer buy their imports, so had to create them themselves. Import substitution industrialization: a strategy of industrial development based on manufacturing goods domestically that were previously imported. Local manufacturers were protected by numerous mechanisms: eg tariffs, or taxes, on imports, eg tax incentives and direct subsidies to local industries, eg quotas, or limits on imports. Merits of isi : a form of economic independence/ self-sufficiency, politically popular. 1950-1960, per capita income in la doubled, translating to higher standards of living. Limits to isi [initially, profitable, but over time, developed some drawbacks: sectorial disparities. Lack of innovation: disappointing industrial employment results, small domestic markets with limited growth, heavily dependent on loans over time. Those counties that tried isi for the longest time, experienced negative growth.

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