Import-substitution industrialization strategies require that output be either substantially cheaper or of better quality than the domestic products with which it will compete.

Question

Quizplus · Accepted Answer

Import-substitution industrialization (ISI) strategies focus on replacing foreign imports with domestic production, not necessarily on producing goods that are cheaper or of better quality than existing domestic products. The goal is to encourage local production and reduce dependency on imports.

Import-Substitution Industrialization Strategies Require That Output Be Either Substantially Cheaper