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Answer:
Latin American countries continued to pursue export-led growth after the First World War. However, the external environment was by then much less favourable. Export growth was therefore modest. Fiscal and financial policies became more orthodox after the war and this, coupled with the disappointing performance of the export sector, made it difficult to promote industry – especially in those countries where it had yet to take root. By the time of the Great Depression, no Latin American country had been able to escape from dependence on primary product exports. The region was therefore very vulnerable to the subsequent collapse of commodity prices.
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