To break out of their dependent status, countries within the Global South have pursued various industrialization strategies. Import-substitution industrialization and export-led industrialization are two of the most common strategies. What are the differences between these two strategies? Which has been more successful? Why?
What will be an ideal response?
Newly industrialized countries (NICs) are the most prosperous members of the Global
South, which have become important exporters of manufactured goods as well as
important markets for the major industrialized countries that export capital goods.
Export-led industrialization is a growth strategy that concentrates on developing
domestic export industries capable of competing in overseas markets. Importsubstitution industrialization is a strategy for economic development that centers on
providing investors at home incentives to produce goods so that previously imported
products from abroad will decline.
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