Question

what is import substitution

Answer 1

Import substitution industrialization (ISI) is a trade and economic policy which advocates replacing foreign importswith domestic production. ISI is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products.

Answer 2

Import substitution industrialization (ISI) is a trade and economic policy which advocates replacing foreignimports with domestic production. ISI is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products.