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Economic Development of Central America Econ. 4200 - Spring 2004 – Dr. Taylor - page 82 / 153

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#5 Economic Dynamism and Structural Transformation:

The 1950s to the early 1980s

Explosive currents that came together to create a maelstrom:

1. Development of an industrial, urban core

2. Marginalization of the majority of citizens

3. Growth of state power

4. Expansion and transformation of export sector.

Note: “… the particular pattern of economic growth, not stagnation and decline, was the genesis of subsequent crises.”

From about 1950 to the early 1970s regional economic growth averaged around 6% per year due to considerable export diversification, agricultural modernization and industrialization.

…yet economic success led to severe social and political failure.

What three new agricultural goods become central to export diversification?

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