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Emerging Economy (Latin America (Dependency Theory (Latin america has…
Emerging Economy
Latin America
Dependency Theory
Latin america has fulfilled definite functions in the world economy but the domestic development of Latin america has been limited by the needs of the dominant economies
development is that growth in the dependent nations occurs as a reflex of the expansion of the dominant nations and is geared toward the needs of the dominant economies
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Industrial period
Many countries adopted import substitution industrialization "ISI" Produce once imported good domestically.
ISI begins with simple good liked canned food and textile products. Imports start to reflect this change. In terms of capital goods
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Neo Classical theories claim that underdevelopment is a transition period to higher levels of development
Solow claims that poorer countries which are labor intensive with develop by increasing capital (K) stock and technology (T)
is it possible to increase capital stock when their economies are commodity driven. With Low value added goods
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