10. Throughout the 1950s and 1960s, many countries with low income per capita pursued a policy called “importsubstituting industrialization,” or ISI for short. India, and many nations in Africa and Latin America, closed themselves off to trade in order to promote the development of domestic industries. As noted in the Economist article “Grinding the Poor” (September 27, 2001), “[o]n the whole, ISI failed; almost everywhere, trade has been good for growth.” The article discusses how growth was disappointing in countries that pursued ISI. Nations that were open to trade—primarily in Asia—grew much more rapidly. Based on the discussion in the chapter, speculate on why ISI was ultimately a failure and why integration with the global economy tends to promote economic growth and development.