Topic > The Great Depression of the 1930s led to the prevention of imports due to declining foreign sales in most Latin American countries. This has led to an automatic production of domestic products to meet their needs. Subsequently, various imposed tariffs favored local production. Import substitution was successful in countries with large populations that could provide markets, while small countries like Honduras could not fully implement it due to market shortages. In countries where import substitution has been successful, governments have transitioned from neocolonial to democratic, through the nationalization of banks and some foreign companies or even ownership by local entrepreneurs. Industrial production has grown to support population growth in these countries