Manu, Franklyn A.
January 2009
Journal of International Business & Economics;2009, Vol. 9 Issue 1, p100
Academic Journal
A belief in the inevitability and benefits of globalization has led to the argument that countries should open their economies. Conversely, there is also a belief that the negative effects of globalization outweigh any potential benefits and therefore countries should become more protectionist. These viewpoints reflect an old debate over the pros and cons of import substitution and export promotion. This paper examines the old arguments and suggests that a forced choice between the two may not necessarily be the best approach and that countries should consider ways of adopting both methods.


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