GOVERNMENT POLICY OF PROMOTING ECONOMIC GROWTH OF NEW INDUSTRIAL COUNTRIES OF LATIN AMERICA

Анотація

The experience of implementing the state policy of stimulating economic growth in the newly industrialized countries of Latin America is analyzed in the article. The basis of the economic policy of Argentina, Brazil, Mexico and Chile, starting from the 40s of the last century to the present, is considered. It is revealed that during this period the political course was aimed at promoting an industrial policy focused on import substitution. It is founded that such a policy contributed to the economic growth of the countries, but in fact, import-substituting industrialization began before the internal prerequisites for its implementation were fully matured. It began primarily under the pressure of external circumstances, and not because of internal development impulses. It was established that the policy of import substitution industrialization, although it was aimed at ensuring economic growth and weakening the external dependence of Latin American economies on industrialized countries, it only changed the form of this dependence and led to cycles of exacerbation of macroeconomic instability. It is established that the ineffective policy of stimulating the economic growth of Latin American countries caused a number of problems, the main ones of which are: low level of domestic investment, lack of development resources; significant social differentiation; structural heterogeneity, coexistence of advanced achievements and large areas of backwardness in each country; maintaining and in some ways deepening the lag behind developed countries; low quality of the workforce, insufficient development of education; the absence or, in this case, the weakness of its own scientific and technological potential, lagging in the development of new technologies, etc. It is summarized that the political foundations of the economic growth of Latin American countries are underdeveloped, which causes a number of negative socio-economic effects in society and delays in its progressive development. It is established that inefficient public institutions made it difficult to form an effective state economic policy aimed at preserving financial stability and ensuring long-term economic growth. Recommendations on the formation of the industrial policy of Ukraine, taking into account the experience of the import substitution industrialization policy of Latin American countries, are developed.

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