It Is Argued That Import Substitution Is a Misguided Trade

question 28

Essay

It is argued that import substitution is a misguided trade policy if the intent is to promote long-term economic growth. Explain the reasons underlying this argument.

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Definitions:

Community

A group of interacting living organisms sharing a populated environment, often considered within the context of ecological and biological studies.

Atmospheric Reservoir

refers to the part of the Earth's atmosphere that acts as a storage place for gases and plays a key role in the global climate.

Carbon Cycle

The series of processes by which carbon compounds are interconverted in the environment, chiefly involving the incorporation of carbon dioxide into living tissue by photosynthesis and its return to the atmosphere through respiration, the decay of dead organisms, and the burning of fossil fuels.

Decomposer

Organism, usually a bacterium or fungus, that breaks down organic matter into inorganic nutrients that can be recycled in the environment.