Essay

Compare the Latin American Strategy of Import Substitution Industrialization (ISI) with the East Asian strategy of Export Led Industrialization.

1.    How was ISI with the perceived ever-declining terms of trade in Latin America?

2.    Did ISI succeed to achieve the goal of industrialization and economic growth?

3.    What was the role of macroeconomic stabilization policy in the success of export led growth in East Asia?

4.    A major characteristics was the adoption of industrial policy in HPAE. Explain.

Sources: Gerber, International Economics, Chapters 15 & 16.

Import Substitution Policy Versus Export Led Growth Strategy

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