Import substitution as a complementary strategy

Abstract

Import substitution policy in various countries is often used not as an alternative, but rather as a complement to export promotion policy. The article shows that, without such a complement, the outward-oriented strategy is often incapable of ensuring economic growth. The work is based on an analysis of a wide range of the literature on the relationship between export orientation and economic growth, as well as on applying elements of the import substitution strategy in various countries.