ABSTRACT
A radical shift in development strategy swept through Latin America, in the second half of the 1980s. By the early 1990s, a new approach based on the integration of national economies to world trade flows and a greater reliance on market forces and private initiative had been adopted throughout the region, with the notable exception of Cuba. This more outward-oriented stance replaced "Import Substitution Industrialization" (ISI), the strategy followed by most Latin American countries in the post-war period.
