Raúl Prebisch

Raúl Prebisch was an influential economist from Argentina known for his work on developing economies. He argued that countries that mainly export raw materials often face economic disadvantages because global prices for these goods tend to decline over time. Prebisch believed that developing nations should focus on industrializing—building their own manufacturing industries—to grow more evenly and reduce dependency on exporting raw materials. His ideas helped shape development policies in Latin America and other regions, emphasizing the importance of self-sustaining industrial growth and fairer international trade relationships to promote economic stability and progress.