Import substitution and late industrialization : Latin America and Asia compared

In: World development: the multi-disciplinary international journal devoted to the study and promotion of world development, Band 17, Heft 9, S. 1455-1469

Abstract

Asymmetries between the profit-risk perceptions of foreign and domestic investors are unavoidable aspects of late development. Import substitution strategies that try to advance industrialization by compensating for the asymmetries have, therefore, been part of the development efforts of Asian and Latin American countries. Current explanations of the greater success of Asian Newly Industrializing Countries are examined and the impact of culture and history on comsumer preference formation is stressed