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The implementation of these policies is believed to be one of the causes of the 2007-08 financial crisis. This is an indication that neoliberalism has several negative effects on the economy, hence the need for the governments to be extremely careful while using it for their nations’ economic progress. The effects of neoliberalism and import-substitution industrialization on urban areas The import-substitution industrialization policy leads to development of industries. These industries in turn lead to urbanization as people move from their homes in rural areas to work in these industries. This aspect leads to the concentration of people around industries. When Latin American decided to implement Neoliberalism policies, the unemployment rate increased immensely. This was brought about by the privatization of most economic activities (Harvey, 2007). This came as result of firms’ initiatives to cut their production costs in order to increase profit margins. Therefore, privatization ...

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Geography
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Geography of Latin America Essay

Young H
This authors's rating is: 5 (240 reviews)

2 in Geography

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Young H
This work's rating is: 5
Top work's preview
Young H
This work's rating is: 5