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Industrial restructuring, trade liberalization and the role of the State in Central America
- Source: CEPAL Review, Volume 1991, Issue 44, Nov 1991, p. 7 - 19
- Spanish
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- 08 Nov 1991
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Abstract
Industrial restructuring is a response of the industrial sector to a dynamic world. In open market economies, industries continuously adjust to technological change, to changes in fashion, and to changes in relative prices. It is a process that Schumpeter referred to as “creative destruction,” i.e. the replacement of outmoded products and production techniques with new products and techniques.
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