Abstract

The objective of this research is to conduct a comparative analysis of the two models of growth and development that were applied in Peru over the past six decades (1961-2021). The objective is to conduct a comparative analysis of the Import Substitution Model (ISM) and the Liberal Model (LM), to determine which of these models has demonstrated superior performance in terms of economic growth and social welfare for the country. In this instance, the documentary and systematic review of the material obtained from both physical and virtual libraries was employed as a method. Consequently, a variety of economic indicators have been examined, including the primary indicator of economic growth, gross domestic product (GDP), to account for the effects of inflation and ensure the accuracy of the data. Furthermore, the principal social indicators have been examined and contrasted to gauge the nation's social well-being. The findings of the study demonstrate that the ML has demonstrably outstripped the MSI in terms of economic growth and the enhancement of social welfare for Peruvian society over the past three decades. However, it would be erroneous to assume that this model has entirely resolved the country's economic and social challenges.