National Industrialization Policy, an Important Factor for Economic Development in Peru: 1950-2020

Abstract

The present research aims to study the evolution of industrial policies in Peru and their impact on the economic development process during the period 1950-2020. To this end, it seeks to address the problem of how national industrialization policies affect Peru's economic development process. The objective is to analyze the evolution of national industrialization policies and Peru's economic development process during the same period, attempting to demonstrate the validity of the hypothesis that national industrialization policies had a very weak level of impact on Peru's economic development process during the period 1950-2020. In the research process, the following methods have been applied: hypothetical-deductive, historical, and statistical. The following results and conclusions were obtained: The evolution of national industrialization policies in Peru has been characterized by showing a clear difference in its process and dynamics of development throughout the study period, with four well-defined periods: Period 1950-1967: characterized by the first attempts at Import Substitution Industrialization (ISI); Period 1968-1975: characterized by the implementation of an Industrial Policy of Excessive Protectionism; Period 1976-1995: characterized by dedication to crisis management; Period 1996-2020: Characterized by the implementation of the deindustrialization process promoted by Neoliberalism. Regarding the evolution and behavior of economic development in Peru during the period 1950-2020, it can be seen that it has had a differentiated behavior: evolution of national GDP and GDP per capita, evolution of Employment levels, evolution of Education levels, evolution of Life Expectancy levels, evolution of the Human Development Index (HDI). Regarding the impact of National Industrialization Policies on Peru's Economic Development, it has been determined that the level of relationship is direct and positive.