Most less developed countries in Latin America, Africa, and Asia pursued policies of import substitution as a major component of their development strategies. Explain the theoretical and practical arguments in support of import substitution policies. What have been some of the weaknesses of these policies in practice, and why have the results often not lived up to expectations?

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It has been stated that most less developed countries in Latin America Africa and Asia pursued policies of import substitution as a major of their development strategies Theoretical and practical argu... View the full answer