How does import substitution compare to export-led growth?
A) Import substitution is effective in later phases of economic development, whereas export-led growth is effective in all phases of economic development.
B) Import substitution works best when the local industry is a service industry, whereas export-led growth works best when the exports are raw materials.
C) Import substitution has proven effective where it has been used, whereas export-led growth has had limited success.
D) Import substitution seeks to develop local industries to produce items that the country had been importing, whereas export-led growth seeks to develop local industries that can compete in specific niches in the world economy.
Answer: D
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