Import substitution strategy is commonly called ____________.
Show answer & explanation
Correct answer: D
Explanation
The correct answer is Option 4 i.e. inward looking trade strategy.
The term "inward-looking trade strategy" encapsulates the focus on domestic production, the imposition of trade barriers, the stimulation of domestic demand, and the historical context of reducing dependency on foreign imports, all of which are central elements of import substitution strategies.
The focus is on developing and expanding domestic industries across various sectors to meet the demand for goods that were previously imported.