Economic Definitions (1 Viewer)

[BlackDragon]

G'day, what exactly does "import substitution manufacturing" refer to?

Anyone who wants to ask for a definition can do that in here too i spose. It seemed pretty useless to make a thread just for one. So ask away, and someone will answer.

thanks

 

[Demandred]

Not necessarily a bad thing, it can be done correctly, SE Asia from 1970s - 1996 is a clear example, but then again, Australia's attempt during the 1920s was a complete stuff up.

The name is pretty self explanatory, develop industries to replace goods which is currently imported, this basically reduces a trade deficit or increase a trade surplus.