How Did Import Substitution Compare with Export-Oriented Industrialization as a Real-World

question 3

Essay

How did import substitution compare with export-oriented industrialization as a real-world strategy for economic development and modernization? How did the Washington Consensus propose addressing problems of both of these economic development strategies?

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Definitions:

Discipline and Punish

A work by Michel Foucault that examines the history of the penal system, and proposes that discipline creates "docile bodies" suited for the economic requirements of capitalism.

Torturing of Prisoners

The act of inflicting severe pain or suffering on detainees, often to obtain information or as a form of punishment.

Discipline and Punish

A concept exploring the relationship between power, control mechanisms, and social behaviour, especially in the context of prisons.

Torturing of Prisoners

refers to the act of inflicting severe pain or suffering on detainees, often to extract information or as a form of punishment, widely considered a violation of human rights.