Structuralism is a school of economic thought that began in Latin America in the 1950s. It explains economic development and international trade as connected processes. Structuralists such as Raúl Prebisch argued that institutions and factors outside markets strongly affect economic performance. They also believe rich and poor countries cannot be studied separately because their economies are linked through global trade. The approach is closely associated with the United Nations Economic Commission for Latin America and the Caribbean, or ECLAC.
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