Latin American Structuralism

Latin American Structuralism is an economic theory that emphasizes the importance of a country's internal structure and development. It argues that countries need to protect and promote their own industries—especially manufacturing—by implementing policies like tariffs or price controls. This approach aims to reduce dependency on exports of raw materials to richer countries, fostering national economic self-sufficiency, and reducing inequality. Developed mainly in the 1950s and 1960s by economists like Raúl Prebisch, it seeks to create balanced growth by addressing structural issues within developing economies, rather than solely relying on market forces or foreign investment.