If only there were more leaders who thought like my Lolo Miguel during the US Commonwealth and after we obtained our independence from the Americans in 1946, our country would have taken a completely different path and would have not gone astray with inward-looking,
import-substitution industrialization that wittingly or unwittingly led to the total neglect of agricultural development.
Instead, they seek to go beyond the traditional focus on economics and politics--related to the rise of
import-substitution industrialization schemes, political unrest, and rise of populist regimes in the region--to consider "the broader social, institutional, and political history of the slump while paying attention to the ways in which regional transformations interacted with global processes.
These were mostly part of the
import-substitution industrialization strategy initiated in the 1960s, comprising exchange rates, tariffs, and tax/subsidy schemes for select industries.
This was when the world was divided in three: the first world consisting of rich market-oriented economies; a second world of state-led central-command economies; and a third world collection of basically poor countries, many of which - including Brazil, Argentina, Indonesia and India - were practicing
import-substitution industrialization policies.
After decades of
import-substitution industrialization, Latin America geared its efforts toward export promotion one more time over half a century after the first globalisation wave.
In Chapter 4, Robinson discusses the reorientation of state policies from
import-substitution industrialization to global insertion of local economies, and he critiques the notion of "bottom-up globalization.
In virtually every Latin American country, national economic planning in pursuit of
import-substitution industrialization became the norm.
As a semi-periphery, Canada's national policies--whether
import-substitution industrialization or the Keynesian welfare state--were local adaptations of policy paradigms imported from the imperial centre.
Taiwan has exhibited a very successful pattern of rapid economic growth and declining income in-equality over the past three decades based on four major structural transformations: 1) agricultural reform, 2)
import-substitution industrialization, 3) export-led growth, and 4) change from labor-intensive to technology-intensive production.
Singh's rationale for the heavy emphasis on India is that the "country is widely regarded as the classic and oldest case of an
import-substitution industrialization strategy now trying to liberalize and enter the world market" (p.
During the depression of the 1930s, it took the form of
import-substitution industrialization.
During the 1960s and 1970s, when modernization theory was in vogue, the most common approach to industrial development was
import-substitution industrialization (ISI).
