Why have the results often not lived up to expectations

Reference no: EM131245604

Most less developed countries in Latin America, Africa, and Asia pursued policies of import substitution as a major component of their development strategies. Explain the theoretical and practical arguments in support of import substitution policies. What have been some of the weaknesses of these policies in practice, and why have the results often not lived up to expectations?

Reference no: EM131245604

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