Substitution industrialization development strategy

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Analyze and explain the statement below in 300 - 350 words.

"Both economic theory and history suggest that less-developed countries that open their economies to international trade and capital flows will grow faster and reduce poverty quicker than those opting for an import substitution industrialization development strategy."

Reference no: EM131179309

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Substitution industrialization development strategy : "Both economic theory and history suggest that less-developed countries that open their economies to international trade and capital flows will grow faster and reduce poverty quicker than those opting for an import substitution industrialization d..
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