Editing Import substitution industrialization (section)

=== Results ===
Despite some apparent gains, import substitution was "both unsustainable over time and produced high economic and social costs".<ref name="Franko, P. M. 2007">{{cite book|last=Franko|first=Patrice|date=2007|title=The puzzle of Latin American economic development|edition=3rd|location=Lanham|publisher=Rowman & Littlefield|isbn=9780742553538}}{{page needed|date=August 2024}}</ref> Given import substitution's dependence upon its developed and isolated markets within Latin America, it relied upon the growth of a market that was limited in size. In most cases, the lack of experience in manufacturing and the lack of competition reduced innovation and efficiency, which restrained the quality of Latin American produced goods, and protectionist policies kept prices high.<ref name= "Franko, P. M. 2007" />  In addition, power was concentrated in the hands of a few, which decreased the incentive for entrepreneurial development. Lastly, the large deficits and debts resulting from import substitution policies are largely credited for the Latin American crisis of the 1980s.<ref>{{cite journal|first=Jeffrey|last=Sachs|date=1985|url=http://www.earth.columbia.edu/sitefiles/file/about/director/pubs/BPEA1985_2.pdf|title=External Debt and Macroeconomic Performance in Latin America and East Asia|journal=Brookings Papers on Economic Activity|number=2|pages=523–573|doi=10.2307/2534445 |jstor=2534445 }}</ref>