Abstract

The creation of the Central American Common Market (CACM), or the General Treaty of Central American Integration as it is officially called, proved to be a dynamic, if temporary, incentive to an incipient industrialization of the region. Industrial growth had been sluggish in the 1950s (except in Costa Rica). In 1960, on the eve of the creation of the CACM, the manufacturing share of GDP ranged between only 12 to 15% in the countries of the region (that is, Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua) or just about the same degree of industrialization as in 1950. 1 By 1970, however, the share of manufacturing value added in the GDP had risen to an average of 17.4% for the CACM members, with the highest ratio in Nicaragua at 21.7%. 2

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