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?

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Definitions:

Proteins

Proteins are large, complex molecules made up of amino acids and are essential for the structure, function, and regulation of the body's tissues and organs.

Organic Soup

A hypothetical mixture of organic molecules from which life on Earth could have originated, prebiotically existing in the Earth's early oceans.

DNA Or RNA

Molecules that contain the genetic information for the synthesis of proteins and control of cellular activities; DNA is double-stranded while RNA is typically single-stranded.

Enzymes

Biological catalysts that speed up the rate of chemical reactions in the body without being consumed or permanently altered.