The Rise and Fall of Import Substitution

No 27919, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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 such policies, even among its proponents. This paper traces the rise and fall of import substitution as a development idea. Perhaps surprisingly, early advocates of import substitution were quite cautious in their support for the policy and were also among the first to question it based on evidence derived from country experiences.

JEL-codes: B27 B31 F13 F14 O14 O19 O24 (search for similar items in EconPapers)
Date: 2020-10
New Economics Papers: this item is included in nep-dev, nep-his and nep-int
Note: DEV ITI
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Citations: View citations in EconPapers (2)

Published as Douglas A. Irwin, 2021. "The rise and fall of import substitution," World Development, vol 139.

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Working Paper: The Rise and Fall of Import Substitution (2020)
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