What is import-substituting industrialization (ISI)?
A)A policy of importing goods that are necessary for promoting industrialization
B)A policy of promoting industrialization to replace foreign goods with domestically produced goods
C)A policy of encouraging free trade as a means of industrializing quickly
D)A government policy of obtaining foreign technology as a means of encouraging industrialization

Question

Quizplus · Accepted Answer

Import-substituting industrialization (ISI) is a policy of promoting industrialization to replace foreign goods with domestically produced goods. This policy aims to develop a self-sufficient economy by reducing the dependence on imported goods, which in turn can lead to the growth and development of domestic industries. ISI was a popular economic development strategy used by many countries in the mid-20th century, particularly in Latin America.

What Is Import-Substituting Industrialization (ISI)