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The Rise and Fall of Import Substitution

Author

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  • Douglas A. Irwin

    (Peterson Institute for International Economics)

Abstract
In the 1950s, many economists believed that import substitution—policies to restrict imports of manufactured goods—was the best trade strategy to promote industrialization and economic growth in developing countries. By the mid-1960s, however, there was widespread disenchantment with the results of such a policy, even among its proponents. This paper traces the rise and fall of import substitution as a development idea. Perhaps surprisingly, early advocates of import substitution were quite cautious in their support for the policy and were also among the first to question it based on evidence derived from country experiences.

Suggested Citation

  • Douglas A. Irwin, 2020. "The Rise and Fall of Import Substitution," Working Paper Series WP20-10, Peterson Institute for International Economics.
    • Handle: RePEc:iie:wpaper:wp20-10
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    File URL: https://www.piie.com/publications/working-papers/rise-and-fall-import-substitution
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    Cited by:

    1. Kym Anderson & Vicente Pinilla, 2022. "Wine's belated globalization, 1845–2025," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 44(2), pages 742-765, June.
    2. Dimitrios Karkanis & Myrsini Fotopoulou, 2023. "Import Substitution or Just “Catching the Wave”? Evidence from the Greek Manufacturing Exports," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 3-15.

    More about this item

    Keywords

    import substitution; industrialization; export promotion;
    All these keywords.

    JEL classification:

    • B27 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - International Trade and Finance
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy

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