During the Great Depression in the 1930s, world prices of most primary products plummeted. This caused many countries to turn toward:

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With a sharp decline in primary product prices, many countries found that exporting raw materials did not earn enough to stimulate their economies. Therefore, they turned to import-substituting industrialization, which aimed to replace imports with domestically-produced goods. This helped to reduce the dependence on primary product exports and encouraged the growth of national industries.

During the Great Depression in the 1930s, World Prices of Most