character strengths, positive psychology, practical wisdom, virtues,

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IntroductionTwo World Wars, a depression, and chronic balance of payments deficits impelled most of Latin America to adopt an import substitution strategy towards industrialization well before it became development orthodoxy. A mere two decades after Raul Prebisch's classic statement of the case for import substitution, 1 however, comparative advantage-based export-oriented strategies were once again coming into vogue, with the new wrinkle that manufactured exports rather than primary product exports were being encouraged. 2 The new "outward-looking" export orthodoxy details a full bill of particulars against import substitution. Such an industrialization strategy, it is argued, tends to exhaust itself as the "easy opportunities" of domestic Funding from the following foundations made possible the larger research project of which this paper is a part: The Tinker Foundation, the Social Science Research Council, the Carnegie Endowment for International Peace, and the Doherty Foundation. We are particularly indebted to Linda Lim for comments and criticism on an earlier draft.