Latin America: Inside the Wall

Last year when the deficit-ridden Venezuelan government slapped on tight new import curbs to protect its dwindling supply of dollars, the prospects for many a foreign firm doing business in Venezuela looked bleak indeed. The industrial giants with major markets in Venezuela could vault the new import wall easily enough by building Venezuelan plants—as Ford Motor Co. and several others have already done. But for foreign firms whose Venezuelan sales were too small to support a separate factory, another export market seemed about to go glimmering.

Today, thanks to an enterprising Venezuelan firm called INSA (for Industrias Integradas), a clutch...

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