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Economic Development of Central America Econ. 4200 - Spring 2004 – Dr. Taylor - page 85 / 153

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ISI plan in Central America went beyond to concept of a common market. Countries agreed to establish some integrated industries. Factories considered essential for regional industrial development. Done to attain economies to scale in the capital goods industries.

CACM led to considerable multinational corporate investment (mainly US) in manufacturing in the region for the first time… in the form of direct investment (a plant in any country could send goods to the other four duty free).

Lack of competition and low utilization resulted in most factories being high cost operations. Produced goods only distributed in regional protected markets.

Note: Cuban revolution led the US to support the founding of the Inter-American Development Bank (IDB) around 1960.

- Supports economic and social development and regional integration in Latin America and the Caribbean. It does so mainly through lending to public institutions, but it also funds some private projects, typically in infrastructure and capital markets development. Headquarters in Washington.

What was the Alliance for Progress and why was it initiated by the North Americans?

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