The Influence of International Financial Institutions on ISI

Abstract

Did international financial institutions (IFIs) influence import-substituting industrialization (ISI) in Latin America? This chapter will examine the roles played by the World Bank, the International Monetary Fund (IMF) and the Inter-American Development Bank (IDB) over the period from the creation of the Bretton Woods institutions in 1944 to the second oil crisis in 1979. These institutions were minor players in the region during the 1950s, but their lending and influence increased through the 1960s and 1970s. The IDB began operations only in 1960, but soon rivalled the Bank as a source of funds within the region. It was the World Bank above all, however, that acquired a voice with regard to development policy issues. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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