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roleplay dishes an argentine economist born in nineteen oh one died in nineteen
eighty six he spent most of his career outside academia working for instance
with the central bank of argentina and also the united nations
previous was perhaps the most influential economists from latin
america after world war two
he had what is sometimes called a structural theory a vendor development
the problems of poor countries were deeply rooted in the nature of their
economies
in particular they were too dependent upon commodities and through dependent
upon agricultural commodities
in the post war era through without the nineteen eighties in general the prices
of these commodities are either stagnant or falling
not surprisingly previous favorite rapid industrialization
this was the way up believing those sectors
which had declining or stagnant commodity prices
the german economist time singer riding around the same time is sprayed ish had
come up with many of the same ideas
how was this industrialization to happen
will pray they should started at his career as a strong free trader
but over time he became more and more protectionist
he wanted the latin american economies to insulate themselves from the world
trading water he thought that by moving toward protectionism they would grow
their domestic industries
get away from dependence on agriculture
and ascertain more rapid economic growth
this is sometimes called import substitution
previews deserves a lot of credit for focusing people's attention on commodity
prices yet in the time after he wrote some of the basic trends that changed
for instance starting in the nineteen nineties there has for a most point in a
boom in commodity prices on this chart which represents commodity prices from
latin america
you can see there's a upward movement rather than a downward movement
and indeed if we look at argentina selling so i A
chile selling copper
brizill selling coffee sugar and sawyer these countries have done very well
through commodities
so it's not obvious that propitious extreme pessimism about commodity prices
has been borne out by more recent experience
no one is sure fees commodity prices will continue to rise
so previous remains an important thinker that perhaps he's not as universal
thinker
as it might have seemed in the fifties sixties and seventies