____ was a strategy for industrial development popular in Latin America in the 1950s 1 1960s for promoting domestic production by erecting high protective tariffs on imports of manufactured goods ?
Correct answer: B. import substitution
- A. export led growth
- B. import substitution
- C. dynamic hedging
- D. countervailing duties
Explanation
Import substitution promotes domestic production by protecting local industries from foreign competition through tariffs and import restrictions. Export-led growth instead relies on expanding sales in foreign markets.
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