Private-Sector Capital Mobilization and Industrialization in Latin America

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Abstract
Much of economic planning in Latin America has been oriented toward promoting industrialization. These plans have generally given a major role to government, and no doubt there is a significant role that the public sector can and must play in capital mobilization as well as in performing other functions. In most countries, the infrastructural needs alone are enormous and constitute a major challenge for the still rudimentary machinery of public administration and the generally weak fiscal systems.Clearly, however, a very large portion of the capital requirements of industrialization has been supplied by the private sector—with important assistance from foreign enterprises, to be sure, but with the domestic private sectors supplying most of the financing needed to maintain what has been, in most countries, a relatively high rate of industrial development. The focus of this paper is on the mechanism by which this capital has been mobilized by the private sector and on the changes that appear to occur in that mechanism during the process of industrialization.

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