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What were the effects of Import Substitution Industrialization on most countries of Latin America? Discuss 2...

What were the effects of Import Substitution Industrialization on most countries of Latin America? Discuss 2 benefits to some of the countries, providing specific examples from the book or lab work. Discuss 2 problems that occurred, again referring to examples.

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Latin American countries greatly benefited from Import Substitutions industrialization or ISI like domestuc production which boosted employment generation and national income as well as GDP per capita specifically Bolivia and Honduras which were most vulnerable to foreign imports.

However issues surfaced for larger countries like Venezuela and Argentina as there was higher evasion of FDI and which led to exchange rate destabilisation.

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