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Article: Import Substitution
- Article from:
- International Encyclopedia of the Social Sciences
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Import Substitution
ECONOMIC PROBLEMS ATTRIBUTED TO ISI
BIBLIOGRAPHY
Import substitution, also referred to as import substitution industrialization (ISI), is a set of policies that addresses the developmental concerns of structurally deficient economic countries. As the name suggests, the ultimate goal of ISI is to promote a country
’
s economic industrialization by encouraging domestic production and discouraging imports of consumer goods.
The dependency theorists were the first to formally devise import substitution as a viable economic strategy. Inspired by Karl Marx and Friedrich Engels
’
s writings on imperialism, the dependency theorists characterize the international ...