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

question 23

Essay

How did import substitution compare with export-oriented industrialization as a real-world strategy for economic development and modernization? Has the Washington Consensus proved to be a more beneficial model for developing states?

---

Definitions:

E-Business Strategy

A plan of action for leveraging digital technologies and Internet to conduct a company’s business processes, from procurement to customer service.

Competitive Advantage

The attributes that allow an organization to outperform its competitors, such as superior quality, innovation, or cost efficiency.

Porter's Five Forces

A framework developed by Michael Porter for analyzing the competitive intensity and attractiveness of an industry or market, including competitive rivalry, threat of new entrants, threat of substitutes, bargaining power of buyers, and bargaining power of suppliers.

Attractive Industry

A sector of the economy that is appealing to investors or businesses due to its potential for high returns, growth opportunities, or other favorable conditions.