 Shuman claims LOIS businesses are long term wealth generators, are less likely to exit destructively and have higher economic multipliers.Import substitution policies were adopted by most nations in Latin America from the 1930s until the late 1980s.The initial date is largely attributed to the impact of the Great Depression of the 1930s, when Latin American countries, which exported primary products and imported almost all of the industrialized goods they consumed, were prevented from importing due to a sharp decline in their foreign sales.