Import substitution industrialization (ISI) required trade protection of new "infant industries" by using tariffs or taxes on cheaper or higher-quality imported manufactures, access to easy financing, and copying foreign technologies.

Question

Quizplus · Accepted Answer

Import substitution industrialization (ISI) is a trade and economic policy that advocates replacing foreign imports with domestic production. It indeed involves protecting nascent domestic industries from foreign competition by imposing tariffs or taxes on imported goods, providing access to easy financing to support local industries, and often involves the adoption or imitation of foreign technologies to accelerate industrial development.

Import Substitution Industrialization (ISI) Required Trade Protection of New "Infant