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

question 24

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 to address the problems of both of these economic development strategies?

---

Definitions:

Increase the Duties

The process of enhancing the responsibilities, workload, or performance expectations of a role or position.

Right to Payment

The entitlement to receive a certain amount of money, typically as a result of a contract or agreement.

Assignee

The person or entity to whom rights, interests, or properties are legally transferred.

Rights to Payment

Legal entitlements to receive money from another party, either through contractual agreement or as compensation for damages.