Answered: outh. What is Import Substitution…

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter21: Economic Development

Section: Chapter Questions

Problem 13PAE

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Import Substitution Industrialization was a key component of state-led economic growth in the postwar era in the global south. What is Import Substitution Industrialization, and what policy tools did states use to attempt it? What difficulties did countries of the Global South face in accomplishing Import Substitution Industrialization?

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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