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Import Substitution
Describe (Inward looking) developmental strategy, clearly
outlining the differences between the first and second stage. Assess its
effectiveness in promoting economic development. Compare inward looking and
outward looking strategies and discuss the assertion that the latter is superior.
The First Stage of Import Substitution:
All present day industrial and developing countries protect their
manufacturing industries for the domestic markets. While the industrial
countries of today rely primarily upon the usage of relatively low tariffs,
developing countries apply high tariffs or quantitative restrictions which
either limit ....
Word count: 580 - Page count: 3
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