 Old neocolonial governments were replaced by more-or-less democratic governments.Banks and utilities and certain foreign-owned companies were nationalized or had their ownership transferred to local businesspeople.Many economists contend that ISI failed in Latin America and was one of many factors leading to the so-called lost decade of Latin American economics, while others contend that ISI led to the "Mexican miracle," the period from 1940 to 1975, in which annual economic growth stood at 6% or higher.