Less-Developed and Newly Industrialized Countries

Export oriented industrialization invluenced by

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Unformatted text preview: Economic Growth •How to catch up with the advanced democracies? •Trapped in a system of “neocolonialism” •Two paths attempted to break this pattern: 1. Import substitution 2. Export- oriented industrialization ! Import Substitution •InVluenced by mercantilism and communism •Common in Latin America •Restrict imports to spur demand for local goods: –Tariffs and non- tariff barriers to make foreign goods less competitive –More lax intellectual property rights –State role in developing industries, often through ownership (parastatals) ! •Mercantilism •an economic system developing during the decay of feudalism to unify and increase the power and especially the monetary wealth of a nation by a strict governmental regulation of the entire national economy usually through policies designed to secure an accumulation of bullion, a favorable balance of trade,...
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