Discuss import-substitution strategies for development of industries in developing countries.

Inward-looking policies such as Import-substitution strategies

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Question

Inward-looking policies such as Import-substitution strategies were failures in Latin American countries such as Brazil. However, such policies as infant industry and strategies targeted at key industries together with Outward-looking strategies have been a success in East Asian countries.
a. Discuss import-substitution strategies for development of industries in developing countries.
b. Discuss the key factors for the growth success of East Asian economies.

Inward-looking policies such as Import-substitution strategies

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