Import substitution as a barrier to subsequent economic growth Development of products substituting for exports from other countries
At the early stage of industrialization, import substitution takes the form of reducing imports of non-durable consumer goods, as well as their inputs, so as to permit indigenous manufacturing to develop and to save foreign currency needed for the imports of producer goods. At the later stage, import substitution involves replacement of producer goods and intermediate inputs, as well as consumer durables, so as to increase the reliance for economic growth on the supply of domestically produced goods. Excessive and prolonged protection of import substitution industries has often adverse consequences on efficiency and competitiveness and impedes export promotion.
The Encyclopedia of World Problems and Human Potential is a collaboration between UIA and Mankind 2000, started in 1972. It is the result of an ambitious effort to collect and present information on the problems with which humanity is confronted, as well as the challenges such problems pose to concept formation, values and development strategies. Problems included are those identified in international periodicals but especially in the documents of some 60,000 international non-profit organizations, profiled in the Yearbook of International Organizations.
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