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Developing countries have tried different policies. a. Please explain the import-substitution industrialization model (ISI) and some key problems with this policy. b. Please explain the

Developing countries have tried different policies.

a. Please explain the import-substitution industrialization model (ISI) and some key problems with this policy.

b. Please explain the rationale behind the infant industry model (IIM). What was the outcome?

c. In the 1980s trade was liberalized and export driven policies replaced market protection with great success. Please explain the rationale for this success, using the trade theory and policy

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