To reduce dependence on imported goods, many Latin American governments in the 1950s and 1960s adopted a policy of ..... or manufacturing goods locally to replace expensive imported goods.

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

To reduce dependence on imported goods, many Latin American governments in the 1950s and 1960s adopted a policy of ____ or manufacturing goods locally to replace expensive imported goods.

A	import technology
B	export substitution
C	export technology
D	import substitution

Explanation:

Detailed explanation-1: -Import substitution industrialization (ISI) is a trade and economic policy that advocates replacing foreign imports with domestic production. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products.

Detailed explanation-2: -Import substitution is an economic theory that recommends the imposition of trade barriers to protect domestic manufacturers and businesses from international competition. High tariffs and import quotas will reduce demand for foreign goods in the domestic market.

Detailed explanation-3: -Import substitution generally refers to a policy that eliminates the importation of the commodity and allows for its production in the domestic market. The objective of this policy is to bring about structural changes within the economy.

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