ABSTRACT
This chapter describes the economic history of Mexico from the adoption of import substitution industrialization (ISI) policies to the present. It discusses the rapid transformation of South Korea from the end of the Korean War to the present. The Great Depression and World War II forced Mexico to turn inward for production and demand. This inward-looking policy was formalized in the 1950s with the explicit adoption of ISI policies. Mexico itself was an oil producer and figured that it could count on higher oil revenues to service the increased debt. Economic growth in South Korea was initially slower than that in the North. South Korea began the postwar era with a large population base of 20 million and little industry. Syngman Rhee ruled South Korea from 1948 to 1960. His rule had little impact on the economy. During the 1960s the targeted growth sectors were in food processing, footwear, textiles, cement, plywood, and chemical fertilizers.
