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Advantages and disadvantages

The major advantages claimed for ISI include: increases in domestic employment (reducing dependence on labour non-intensive industries such as raw resource extraction and export); resilience in the face of a global economic shocks (such as recessions and depressions); less long-distance transportation of goods (and concomitant fuel consumption and greenhouse gas and other emissions). The disadvantages claimed for ISI is that the industries that it creates are inefficient and obsolete, and that the focus on industrial development impoverishes local commodity producers who are primarily rural.

In most manufacturing processes a point of output is reached after which the cost of producing every additional unit of output diminishes. Different types of industries, given their different production functions (combinations of capital and labor, etc.) obtain different scale thresholds or minimum levels of output necessarily to begin accruing cost savings...

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Title: IMPORT SUBSTITUTION
Approximate word count: 318
Approximate pages: 2 (250 words per double-spaced page)

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