import-substitution industrialization

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import-substitution industrialization An economic strategy aimed at encouraging national industrial growth so as to reduce imports of manufactured goods. It was associated with the United Nations Commission for Latin America and put into practice during the 1960s. It is now generally accepted that the policy was a failure, as a strategy for industrialization, and it was progressively replaced by a greater emphasis on export-led industrialization.

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import-substitution industrialization

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