Many countries in Asia discarded import substitution and opted for a form of economic development after World War II known as:
A)microfinance.
B)export-oriented industrialization.
C)debt-based agriculturalism.
D)centralized developmentalism.
E)modern world development.

Question

Quizplus · Accepted Answer

Export-oriented industrialization involves shifting the focus of economic development from domestic markets to international markets through the promotion of exports. Many Asian countries, such as Japan, South Korea, and Taiwan, adopted this strategy in the post-World War II era and experienced significant economic growth as a result. Import substitution, on the other hand, involves relying on domestic production to replace imported goods, which has been criticized for limiting economic growth and innovation. Therefore, B is the correct answer as it describes the economic development strategy adopted by many Asian countries after World War II.

Many Countries in Asia Discarded Import Substitution and Opted for a Form