Economists generally believe that outward-oriented policies are more likely to foster growth than inward-oriented policies.

Question

Quizplus · Accepted Answer

Outward-oriented policies, such as free trade, foreign investment, and export promotion, are believed to stimulate competition, increase efficiency, and foster innovation, ultimately leading to higher economic growth. Inward-oriented policies, such as import substitution, tariffs, and protectionism, on the other hand, tend to create inefficiencies, reduce competition, and limit technological progress, ultimately hindering economic growth.

Economists Generally Believe That Outward-Oriented Policies Are More Likely to Foster