Assignment #6 FINAL EXAM.pdf

Assignment #6 FINAL EXAM.pdf - Ashley Carter June 30th 2016...

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Ashley Carter June 30 th , 2016 Assignment & Final Exam 1. What is the policy of import substitution? Has this policy worked for the developing countries? If not, what are the problems of this policy? Import substitution policy : They are strategies that attempt to diminish foreign dependency of a country's economy through local production of provisions & industrial goods. Import exchange strategies advocate replace trade in with domestic manufacture. It is based on the principle that a nation should effort to decrease its foreign dependency through local production of products, mostly industrial products. Several Latin American countries implemented trade in substitution strategies with the objective of becoming more self-sufficient & less susceptible to adverse terms of trade. This policy was not successful, it must also be recognized that a number of import replacement policies were a success & donated to rising the country's production & financial development. These were in cultivation, where protection afforded to agriculture contributed to raise the production of rice & other food harvests. It was,
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