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An Appraisal of The Import Substitution Strategy from A Structural Economic Dynamic Approach

Author

Listed:
  • Ricardo Azevedo Araujo

    (University of Brasilia, Brasília)

  • Joanilio Rodolpho Teixeira

    (University of Brasilia, Brasília)

Abstract

This paper seeks to establish that a Structural Economic Dynamic (SED) approach toward understanding the Import Substitution Strategy (ISS) offers a superior method relative to the Neoclassical approach. It is argued that the latter fails to fully account for the role of demand and hence, the structural dynamics of underdeveloped economies, when considering the shortcomings of the ISS. Argued as relatively superior to the Neoclassical view, the SED approach considers the evolution of preferences as a variable driving change, shedding new light on main channels of North-South interdependence.

Suggested Citation

  • Ricardo Azevedo Araujo & Joanilio Rodolpho Teixeira, 2011. "An Appraisal of The Import Substitution Strategy from A Structural Economic Dynamic Approach," Economic Research Guardian, Weissberg Publishing, vol. 1(2), pages 109-122, December.
    • Handle: RePEc:wei:journl:v:1:y:2011:i:2:p:109-122
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    Keywords

    Structural Economic Dynamics; Uneven Development; Import Substitution Strategy; Technical Progress; Engel’s Law;
    All these keywords.

    JEL classification:

    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
    • F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation

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