In this first in-depth study of export-led growth in Peru, Michael Roemer demonstrates that, given the right conditions, primary product export industries can stimulate rapid and sustained economic growth in less developed countries—a possibility that has been either ignored or rejected by much development literature. Indeed, Peru's export-oriented economy succeeded in promoting diversification and industrialization, not in spite of, but because of its exports of primary products, especially fish meal. The most dramatic effect of this dynamic industry, according to the author, has been the establishment of a substantial capital-goods sector in Peru.