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This explained why the terms of trade – the number of sacks of coffee, say, necessary to buy a Singer sewing machine – had for the previous half century moved in favor of the exporters of industrial products and against those of raw material or agricultural producers.
Latin Americans had to run faster and still lost ground.
Indeed, in the example at hand, Latin Americans had to sell only six sacks of coffee or wheat in 1900 to buy a sewing machine, but in 1939 the same machine cost ten sacks.
Here then, was a central explanation for Latin America’s continued “underdevelopment,” a term that gained popularity in the 1940s.
The solution was crecer hacia adentro, or inward directed growth, the policy of state assisted industrialization, or even state owned industries, behind the high walls of protective tariffs.
This was a project designed to produce at home those things previously imported – in the language of the time, import substitution industry.
Local industry would thus eventually absorb the underemployed rural population, which would in turn, it was believed, drive up the prices for Latin American raw material exports.
These policies, put into effect in all of the major Latin American countries, led to spectacular results in economic output and consumption patterns in the 1950s and 1960s.
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