Towards a new policy agenda

The discussion has thus far centred on a macro-to-micro interpretation of the economic, institutional and technological transformation that the Latin American economies (and industries) have been going through over the last two decades. The recent market-oriented structural reforms accelerated this transformation, but they did not actually trigger it. Countries (and industries) were catching up with or lagging behind international productivity standards well before the implementation of the reforms. History matters, and the accumulated technological capabilities that the different countries (and industries) managed to attain during the import substitution industrialization period represent a key factor in explaining the reactions of different industries, regions and countries to major changes in the macroeconomic policy and institutional framework.

Related Subject(s): Economic and Social Development
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