Page "Import substitution industrialization" Paragraph 3

Even though ISI is a development theory, its political implementation and theoretical rationale are rooted in trade theory: it has been argued that all or virtually all nations that have industrialized have followed ISI.

Import Substitution was heavily practiced during the mid-1900s as a form of developmental theory which believed to increase productivity and economic gains within a country.

This was an inward-looking economic theory practiced by developed nations post WW2.

Many economists at the time considered the ISI approach as a remedy to mass poverty ; to bring a third world country to first world standing through national industrialization.

Mass poverty is defined as the: " the dominance of agricultural and mineral activities-in the low-income countries, and in their inability, because of their structure, to profit from international trade ," ( Bruton 905 ).