Export promotion vs import substitution essay help

export substitution

Collectivism: Usually western Cultures such as Australia and New Zealand are considered highly individualistic cultures. Due to the trade liberalization, China experienced high rates of economic growth.

EP 4 However, the IS policies have been criticized by economists for various reasons.

import promotion

There are three sources that put growth of a country into motion: import substitution, export and the increase in internal demand. Accessed 5 July In part, because of their success and because of high economic cost of import-substitution policies, many other countries have recently begun to adopt more outward-oriented policies.

Countries such as: South Korea, Malaysia and Singapore rejected import substitution policies resulting in superior performance in the s and s. So, what is called for is a strategy which seeks to combine the virtues of the two strategies.

In contrast, South Asian countries like India and Sri Lanka adopted more a more inward-looking strategy causing significantly lower growth rates than many East Asian countries. The only way a firm can succeed in the face of intense international competition is to produce what consumers want, at the quality they want, and at the lowest possible costs.

import substitution vs export promotion project
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Export Promotion vs Import Substitution Strategy