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Question: what are the basic features of importsubstitution industrialization how is...

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  1. What are the basic features of import-substitution industrialization?

  2. How is an outer-oriented development strategy different from import substitution?

  3. According to Krueger, what are the key reasons why trade liberalization has given a boost to economic development in countries that used to pursue import-substitution policies?

  4. Does the author agree with the view that import-substitution has short-run costs but long-term benefits? Why or why not?

  5. According to Krueger, what does it take for trade liberalization to be successful?

  6. While the author emphasizes the benefits of trade liberalization, this policy is likely to involve cost as well. What do you think are some of these costs?

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