AN ANALYSIS OF ALTERNATIVE INDUSTRIALIZATION STRATEGIES FOR DEVELOPING ECONOMIES

Masud Jahan; Samiur Rashid

doi:10.47981/j.mijst.01(01)2009.11(%p)

Masud Jahan Division of Accounting, Department of Science & Humanities, MIST
Samiur Rashid BIMS College, Dhanmondi, Dhaka-1207, Bangladesh

DOI: https://doi.org/10.47981/j.mijst.01(01)2009.11(%25p)

Keywords: Gross Domestic Product (GDP), Import Substitution Industrialization (ISI), Export-led Industrialization (ELI), Protected Industry

Abstract

Industrialization is the process of social and economic change whereby a human group is transformed from a preindustrial society into an industrial one. Import Substitution Industrialization (ISI) is an industrialization policy based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized product s. Because of limitations of ISI, the concept of Export-led industrialization was supported by economists. Export-led industrialization (ELI) is an industrialization policy aiming to speed-up the industrialization process of a country through exporting goods for which the nation has a comparative advantage. Export-oriented industrialization is often contrasted with
import substitution industrialization. The objective of this paper is to critically appraise the role of Easy ISI strategy in economic development.

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