The Us Market Crash Of 1929 Affected Western...

The US market crash of 1929 affected all Western industrialized countries; however, the repercussions sensed by Latin American countries were quite severe, especially throughout the years to come. The establishment of US investments in Latin America and the exports Latin American countries provided to the US were about to take different paths. During this time, the economic development of most Latin American countries was based mostly on agriculture and mining, but the shift towards structural economic and political strategies had a profound consequence on each one of these country’s economies. Following structuralist theory, policymakers developed a strategy based on the idea that Latin American countries would not be able to achieve levels of development if they remained tied to external sources. The implementation of structuralist economic policies caused Latin American economists and politicians to focus on industrialization as their top priority. Instead of specializing on the production of goods in which they had a particular advantage, Latin America turned towards import-substitution industrialization policies so that their developing economies would increase self-sufficiency and decrease their dependency on ‘already industrialized countries.’ The conjunction of ISI policies and structuralist theories were a rational response to Latin America’s situation during the mid twentieth century. This paper backs up the idea of ISI policies being a suboptimal solution whenShow MoreRelatedHoover And Roosevelt s Actions During The Aftermath Of The Crash Of 1 929792 Words   |  4 PagesPavithra Bandanadham History 212 May 8th, 2015 History Second Exam Compare and contrast Hoover and Roosevelt’s actions in the aftermath of the Crash of 1929. How did both administrations attempt to deal with the economic stagnation, social hardship and psychological impact of the depression? What needed to be fixed and which approach proved more successful? 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