In class, we have read about and discussed two distinct “development models” that were common in...

In class, we have read about and discussed two distinct “development models” that were common in the second half of the 20^th century: (1) Import Substitution Industrialization (ISI) and (2) Export Oriented Industrialization (EOI).

In what ways were ISI and EOI similar? In what ways were they different? Which approach was ultimately more successful at promoting industrialization? Why? Use historical examples to make your case.

Expert Solution

Answer: Both the Import Substitution Industrialization (ISI) and the Export Oriented Industrialization (EOI) were similar in their subjective ideology as both of these theories aimed at the progress and development of a nation by reduction of the dependency of the home nation on the foreign nation and the home nation to acquire self-dependency. The moot point of both these theories strategized to ensure that the Home nation no longer needs to depend for its internal requirements on any other nation.

Both the Import Substitution Industrialization (ISI) and the Export Oriented Industrialization (EOI) were different in the sense that Substitution Industrialization (ISI) focused on the progress of a country by reduction of its import from the trading nations. Whereas, the Export Oriented Industrialization (EOI) focused on the progress and development of a country by increasing its exports to the other trading nations.

It was the Export Oriented Industrialization (EOI) which is believed to be more successful from among the two. This is because if we strategically focus on the end result of implementation of both these theories, we will realize that by implementing the Substitution Industrialization (ISI) a country will only be faced with the shortage of goods and services unless it starts manufacturing its own required goods and services, and finally end up being only at a satisfactory level. However, by implementing the Export Oriented Industrialization (EOI) a country will now have surplus of all the goods and services in its home markets, and by exporting these goods and services to the foreign trading nations, the home nation will earn huge financial benefits, thereby finally ending up being much more than only at a satisfactory level. Here we can take the example of trading relation with China. Us today is at a much better off position since it has now started to export huge number of goods and services with China.

Rahul Sunny answered 1 year ago

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