Journal
WORLD DEVELOPMENT
Volume 139, Issue -, Pages -Publisher
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.worlddev.2020.105306
Keywords
Import substitution; Trade strategy; Protection; Export-oriented; Import protection
Categories
Ask authors/readers for more resources
Import substitution, once believed to be the best trade strategy to promote industrialization and economic growth in developing countries in the 1950s, faced widespread disenchantment by the mid-1960s. Early advocates of import substitution were cautious in their support and among the first to question its effectiveness based on country experiences.
In the 1950s, many economists believed that import substitution - policies to restrict imports of manufactured goods - was the best trade strategy to promote industrialization and economic growth in developing countries. By the mid-1960s, there was widespread disenchantment with the results of such policies, even among its proponents. This paper traces the rise and fall of import substitution as a development idea. Perhaps surprisingly, early advocates of import substitution were quite cautious in their support for the policy and were also among the first to question it based on evidence derived from country experiences. (c) 2020 Elsevier Ltd. All rights reserved.
Authors
I am an author on this paper
Click your name to claim this paper and add it to your profile.
Reviews
Recommended
No Data Available