In the Great Depression, producers of food and raw materials complained that they received low prices and paid high prices for industrial imports. Latin America adopted ‘import substituting industrialisation’ to encourage production behind tariff barriers. This approach continued after the war as more countries gained independence.
Did this policy result in inefficient industries and state regulation without delivering improved welfare? By the 1980s, the policy was in retreat with a turn to market liberalisation and export-led growth.
This lecture was recorded by Martin Daunton on 9th April 2024 at Barnard's Inn Hall, London
The transcript and downloadable versions of the lecture are available from the Gresham College website:
https://www.gresham.ac.uk/watch-now/import-substitution
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