Page 27 - Key to Social Studies 6
P. 27
What are some major income sources of South America?
From the 1930s to the 1980s, the countries of South America followed an import substitution policy,
replacing imported products brought from
Mining quarry for iron
outside with domestic products in order to
improve the domestic economy. This policy
created a debt crisis in the continent that is still
being dealt with today.
Recently, some countries in South America have
prospered by adopting policies of economic
independence. External trade, however, now
plays a more important role in South America’s
economic development. South America provides
on tourism.
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