Which of the following factors contributed to the exhaustion of import substitution as a develoment policy in Latin America?
A) Factories began to produce for export rather than domestic markets.
B) Not enough labor was available to staff factories..
C) Domestic tariff barriers discouraged factory owners from modernizing to compete with factories in the first world.
D) Latin American employees were unwilling to work hard

Question

Quizplus · Accepted Answer

Import substitution policies in Latin America eventually faced limitations as domestic industries, protected by high tariffs, had little incentive to modernize or improve efficiency. This lack of competitiveness made it difficult for these industries to compete on a global scale, contributing to the policy's exhaustion.

Which of the Following Factors Contributed to the Exhaustion of Import