Part 3/10:
Historically, Latin American countries adopted an import substitution approach, fostering local production at the expense of international trade. Though intended to stimulate local industries, this strategy faltered beneath the weight of inefficiencies, lack of competitive quality, and monopolistic practices. By the time the 1990s arrived, globalization became the driving force ushering Mercosur to prominence. Yet, due to political shifts and the rise of protectionism, trade has significantly stagnated in the past decade.