Did ISI fail and is neoliberalism the answer for Latin America? Re-assessing common wisdom regarding economic policies in the region

The second phase of Import Substituting Industrialization, commonly known as IS12, involved the move in Latin America to "heavy" industrialization, from around 1950-80. This period of economic history has been reviled on both the Left & the Right as being one of either heightened dependency or one demonstrating the clear failure of state intervention in the economy. In this research note, a basic statistical analysis is used to back up other descriptive claims that the IS12 period was rather one of mixed success, with macroeconomic volatility accompanying great progress in GDP & manufacturing growth. In a sense, the IS12 period succeeded in industrializing the large economies of the period, & contrasts favorably with the record of the succeeding paradigm of neoliberalism. This research note seeks to raise questions about the way we look at the historical period of IS12, & suggests that a more open-minded perspective could lead to a more effective & sustainable political economy paradigm for the region in the future. Tables. Adapted from the source document.