“The policy of import substitution was popular during the period of decolonization ... It's one of those policies that looks good on paper but doesn't work, lots of things are imported because there is no alternative but also because they are cheaper than domestic alternatives. There are many imports poor people depend on. Even if in theory local production could pick up the slack it would take time and in the meantime we could see a sharp reduction in employment.
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- Reuters 8 years ago
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