Why did the ISI economic model prove untenable for most Latin American countries?
In addition to this, the industries created were incredibly inefficient, and the overvalued exchange rate/inflation plauged the countries all throughout the second phase of ISI. Latin America had to borrow billions to continue to produce, and financed this debt abroad. Once Latin America faced economic crisis, it was the IMF, Washington Consensus, and other nation-states that bailed the country out, at the cost of reform (privitization, trade liberalization, financial liberalization, deregulation, etc).
