Import Substituted Industrialisation

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  • Created by: chend96
  • Created on: 08-05-14 18:57
Define Import Substituted Industrialisation
This is an economic process whereby production is focused on replacing imports with domestic produce and protectionist policies.
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What do neo-liberals state about this?
They do not favour isi, but do favour industrialisation without aid
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What are protectionist policies?
They are tariffs on products bought outside a country
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What type of policy is isi?
A trade policy
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What type of countries adopted this policy?
Middle or low income countries
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When did they adopt it?
Before the 1980's
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What did the policy encourage?
Domestic industries by limiting competing exports
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What was noted about rich and poor countries however?
That poor countries would be exploited by rich countries in terms of international financial markets and trade.
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What's an example of this? (la)
Latin America which produced automobiles, railroads, oil and gas.
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What aspect of rostow's theory did this not reach?
Take off
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What eventually happened?
It failed because the country's were not making enough money and therefore couldnt sell them to other countries due to high tariffs.
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How did the globalised international economy affect this?
Because it disadvantaged isi's in 1980's because non isi countries were engaging in free trade and experiencing the benefits of low trade tariffs.
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Who had low tariffs?
Non isi countries
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Who had high tarrifs?
ISI countries
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Other cards in this set

Card 2

Front

What do neo-liberals state about this?

Back

They do not favour isi, but do favour industrialisation without aid

Card 3

Front

What are protectionist policies?

Back

Preview of the front of card 3

Card 4

Front

What type of policy is isi?

Back

Preview of the front of card 4

Card 5

Front

What type of countries adopted this policy?

Back

Preview of the front of card 5
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