Mexico has sustained unusual rates of real income growth (6.4 % of average annual GDP growth between 19 50 and 1970) by following an economic policy giving first priority to manufacturing industries. Import substitution has been the dominating trade strategy since the late 1940s with only...

Argentina has made the headlines of international media not only for its successful return to democratic political rules in December 1983 but also for its renewed slump into economic crisis. The country is no longer able to meet the debt servicing requirements and to repay loans due this year...