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POL201Y1 (221)

Import Substitution Industrialization

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University of Toronto St. George
Political Science
Sophia Moreau

4 strategies of economic development Something that specifically is identified by a government of country, or it might just be what happens in the country. Either by design or accident manufacture export: export secondary goods, Britain. First build up manufacture goods then export. Forced-capitalization: forced savings and very low wages, building up capital. Reserve of money and then you use it to invest in industrialization. Early stages of IR. Primary-product export: economic development that most in the global south engaged in. export primary products. Either end, or using it to industrialize later ISI (orchestrated by government): build up manufacturing base, shutting down imports. Produce what was formerly imported. -Not still primarily used. History First wave generated by WW1 . Most developed countries put money towards troops. Stopped exporting to developing countries. Developing countries either went without, or attempted to make goods domestically. Happened again 1930s, depression . And WW2. Decolonization 1948 Initially forced on developing country Dependency theory starting to gain following 1959 and 60s. Proposes that it is a solution. Build up manufacture base. Condition of dependency caused by unequal terms of trade. Balance between imports and exports cannot be sustained. Imports expensive, exports not making so much money.
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