Sammendrag
Latin America is viewed as a region that has embraced a strategy of “open-economy industrial policy” (OEIP). However, the region’s transition to OEIP has been neither complete nor irreversible. In this article, we argue that economic development concepts and instruments introduced during Brazil’s previous import-substitution industrialization regime still influence the country’s industrial policy. By tracing the evolution of local content requirements (LCR) in the Brazilian oil and gas sector, we show that conflicts between inward-oriented and outward-oriented forms of industrial development have been the main source of recent policy changes in the country. In addition, we show how institutional structures affect the implementation of economic ideas. The country’s centralized policymaking facilitated significant changes in the orientation of the LCR policy during the last twenty years
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