Inward-oriented policies

Question

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Inward-oriented policies include imposing tariffs and other trade restrictions, which discourage imports and encourage domestic production. This can lead to inefficiencies, higher prices for consumers, and a lack of competition, which can harm economic growth in the long run. While some countries have effectively used protectionist policies to become economic powerhouses, such as South Korea and Taiwan in the mid-20th century, generally speaking, outward-oriented policies, such as free trade and open markets, have been more beneficial for countries in terms of economic growth and development.

Inward-Oriented Policies