Historically, populist leaders in Latin America were associated with which economic strategy?

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Populist leaders in Latin America were historically associated with the economic strategy of import-substitution industrialization, which involved the fostering of domestic industries through protectionism, state intervention, and tariff barriers to reduce foreign imports and promote export-led growth. This strategy emerged during the mid-20th century as a response to the dependency theory that argued that the international economic system favored developed countries over developing ones, thereby perpetuating underdevelopment and inequality in the global South. Import-substitution industrialization was intended to reduce this dependency by substituting domestic production for imported goods and spurring domestic consumption and investment. Although this strategy yielded some economic gains, it also led to high inflation, fiscal deficits, corruption, and debt crises in several Latin American countries during the 1970s and 1980s, prompting a shift towards neoliberal policies that emphasized free trade, privatization, deregulation, and market-oriented reforms.

Historically, Populist Leaders in Latin America Were Associated with Which