A Reassessment of Industrialization in South America: Argentina, Brazil, Chile and Colombia, 1890-2010. Aldo Musacchio, March 2015, Paper. "The largest economies in South America had one of the most impressive rates of industrial catch up between the late nineteenth century and the late 1970s (Bénétrix, et al., 2012, Williamson, 2006). The largest economies in the region had rapid catch up before 1920, in the 1930s, and then Brazil and Colombia had very rapid and sustained catch up with the global leaders between 1940 and 1980.  The 1980s and early 1990s slowed down the region, but by the first decade of the twenty-first century all major economies started to industrialize rapidly again..."  Link