If it is used indiscriminately regardless of industry and time, it will generate inefficient monopolies that will result in higher costs for the end consumer.
For example, Mexico used this industrialization strategy between 1940 and 1970, successfully achieving the Mexican Miracle. However, it continued this trend well into the 1980's, allowing inefficient monopolies such as Pemex (oil), Telmex (phone land lines) and Luz y Fuerza (electricity) to flourish. At the beginning of the 1990's high inefficiency and low flexibility meant Mexico's companies were not able to compete within an increasingly global world, putting a severe blow on Mexico's growth.
what is d difference between import substitution and export promotion
export promotion is exporting morn than import when production is more there is more export to other states and countries . import substitution means substituting import from one place to other.
gererate employment
protectionist policies were emphasized
import substitution(impex) and export promotion(exim)
what are the main criticism of import substitution industrialisation
what is d difference between import substitution and export promotion
export promotion is exporting morn than import when production is more there is more export to other states and countries . import substitution means substituting import from one place to other.
gererate employment
Explain how entrepreneurship can lead to import substitution and utilization of resources
True
protectionist policies were emphasized
import substitution(impex) and export promotion(exim)
What would be one effect of import substition on the balance of trade of a country
One way is by imposing tariffs
protectionist policies were emphasized
when i get the ans i'll let u know all