AN ANALYSIS OF ALTERNATIVE INDUSTRIALIZATION STRATEGIES FOR DEVELOPING ECONOMIES
Industrialization is the process of social and economic change whereby a human group is transformed from a preindustrial society into an industrial one. Import Substitution Industrialization (ISI) is an industrialization policy based on the premise that a country should attempt to reduce its foreign...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
R&D Wing, MIST
2015
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| Subjects: | |
| Online Access: | http://hdl.handle.net/123456789/198 |
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| Summary: | Industrialization is the process of social and economic change whereby a human group is transformed from a preindustrial society into an industrial one. Import Substitution Industrialization (ISI) is an industrialization policy based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. Because of limitations of ISI, the concept of Export-led industrialization was supported by economists. Export-led industrialization (ELI) is an industrialization policy aiming to speed-up the industrialization process of a country through exporting goods for which the nation has a comparative advantage. Export-oriented industrialization is often contrasted with import substitution industrialization. The objective of this paper is to critically appraise the role of Easy ISI strategy in economic development. |
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