What are the import substitution policies import, Ask an Expert

Economics

What are the import substitution policies?

Import substitution policies are as follows:

Need trade restrictions for example, tariffs and quotas to defend infant industries.
Nonetheless protecting domestic industries through world-class competitors results into low productivity, inefficiency and high unit costs

• Consumers pay higher prices as well as suffer a loss of consumer surplus.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9580419

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