This paper reviews the literature on economic development from import substitution to export promotion. It then examines the literature on entrepreneurship and economic development creating a framework for promoting development through demonstration effects, knowledge and information...

Governments in various countries, irrespective of the country׳s level of economic growth, seek to initiate macroeconomic policies towards achieving better economic performance in order to advance level of business activities and ultimately, ensure better quality of life for the people. To...

In the 1950s, many economists believed that import substitution - policies to restrict imports of manufactured goods - was the best trade strategy to promote industrialization and economic growth in developing countries. By the mid-1960s, there was widespread disenchantment with the results of...

Why do some countries develop more than others? Do their strategies on international trade have a role on this? In this paper, two different industrialization strategies, import substitution and export promotion, are compared. The advantages and the disadvantages of these strategies on their...

The costs of import substitution (IS) as a strategy for industrialization, which was deemed synonymous with economic development by many development economists of the fifties and sixties, were shown to be substantial in the influential and nuanced studies of the seventies and eighties under the...