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Well, I guess who decides the line between basic industrialization and import substitution? The bondholders?
by selimthegrim 2y ago
Well, I guess who decides the line between basic industrialization and import substitution? The bondholders?
- kragen 2y agoImport substitution is not an alternative to basic industrialization. It's a policy advocated as a means to achieve basic industrialization. I regret that my comment was so misleading. The usual alternative to import substitution industrialization is export-focused industrialization. Argentina and Brazil exemplify the former; Japan, Taiwan, South Korea, Hong Kong, and now the PRC exemplify the latter. The line between them is whether the country's manufactures are widely exported.