Industrial expansion in temperate South America

The ABC countries of temperate South America have been forced to attain a greater measure of self sufficiency by the nationalistic policies of industrial nations. The trade bar riers which have been erected in Europe and the United States against agricultural products and raw materials have placed these countries in the forefront of foreign trade decline. Thus their capacity to purchase abroad has been curtailed greatly. The only alternative to doing without certain products was to manufacture them within the country. After 1929, depre ciated currencies, higher tariffs, exchange control, and the sheer inability to secure exchange created a distinct advantage for local manufacturers over importers. As a result new industries have been established and older ones have started the manufacture of new products. Much of this industrial expansion will be permanent, for vested interests have been created which are doing everything possible to fortify their position. Temperate South American countries will not become great industrial areas because essential raw materials are lacking, but they are producing and will continue to produce many articles which previously were imported.