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Import Substitution Beginning of Paper Describe (Inward looking) developmental strategy, clearly outlining the differences between the first and second stage. Assess its effectiveness in promoting economic development. Compare inward looking and outward looking strategies and discuss the assertion that the latter is supe .... Middle of Paper .... rate level will decrease in order to ensure the necessary equilibrium of the balance of payments and the lower the amount of domestic currency exporters receive per unit of foreign exchange earned. There is no need for high protection at the first stage of import substitution in the replacement of the imports of non-durable consumer goods (clothing, shoes, household goods, textile fabrics, leather, wood and other types of inputs) since these commodities exist in the developing countries that are at the initial frontier of industrializatio .... 580 words | 3 pages Subscription Length Price Join 30 days membership (recurring) $19.95 90 days membership (recurring) $39.95 180 days membership (non-recurring) $69.95