Lecture, Barnard's Inn Hall, Tuesday, 9 Apr 2024 - 18:00

Import Substitution: A Failed Strategy For Growth?

a gold shipping container sitting next to a globe

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.

Martin Daunton, Visiting Professor of Economic History

Professor Martin Daunton

Visiting Professor of Economic History

Martin is a British academic and historian. He was Master of Trinity Hall, Cambridge, between 2004 and 2014. He is Emeritus Professor of Economic History at the University of Cambridge.

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