Import Substitution Industrialization (ISI) Did Not Work in the Long

question 38

Multiple Choice

Import substitution industrialization (ISI) did not work in the long term in Latin America because:

• A) Latin American countries were already so far behind economically they could not catch up
• B) Latin American countries were already so far ahead economically that there was no need for the ISI strategies
• C) It was impossible for Latin American countries to export locally made goods to other markets because they were generally of low quality due to the lack of competition in the home market.
• D) A & C
• E) None of the above

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Definitions:

National Industrial Recovery Act

A 1933 U.S. law passed as part of President Franklin D. Roosevelt's New Deal to stimulate economic recovery by regulating industry production levels and increasing workers' purchasing power.

NIRA

The National Industrial Recovery Act of 1933, a key part of the New Deal, aimed at restoring economic stability by reducing unemployment and increasing purchasing power.

Industrial Cornerstone

Fundamental principles or practices that are pivotal to the development and growth of the industrial sector, including innovation, mechanization, and capital investment.

Herbert Hoover

was the 31st President of the United States, serving from 1929 to 1933, best known for his administration's failure to halt the Great Depression.