____ terms of trade, as well as _____ imports, was a key argument for ISI, which stifled Latin American economic growth.

Question

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The declining terms of trade (the ratio between a country's export prices and import prices) means that a country is earning less from their exports compared to how much they have to spend on imports. This can be problematic for developing countries that rely heavily on exporting primary commodities such as agricultural or mineral products. The reduced imports, on the other hand, are a result of Import Substitution Industrialization (ISI) policies, where countries try to reduce their reliance on imported manufactured goods by producing them domestically. However, because the domestic industries were often inefficient and protected by tariffs, this led to higher prices for consumers and restricted competition, hindering economic growth.

____ Terms of Trade, as Well as _____ Imports, Was

Terms of Trade, as Well as _ Imports, Was