Africana Periodical Literature 
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| Title: | Does import substitution industrialisation strategy hurt growth? New evidence from Brazil and South Africa |
| Author: | Adewale, Aregbeshola R. |
| Year: | 2012 |
| Periodical: | African and Asian Studies (ISSN 1569-2094) |
| Volume: | 11 |
| Issue: | 3 |
| Pages: | 288-314 |
| Language: | English |
| Geographic terms: | South Africa Brazil |
| Subjects: | import substitution economic development econometrics |
| External link: | https://doi.org/10.1163/15692108-12341235 |
| Abstract: | More economies in the developing world have sprung up through a homegrown strategy of import substitution industrialization (ISI) than have plummeted by adopting the prescripts of the Washington Consensus. The recurring economic and financial crises, essentially the 2008/2009 experiences, present an interesting perspective on macroeconomic policy embracement. For instance, major economies, especially those of the United States and the countries in the European Union, jettisoned their neoliberal ideology for protectionist measures in dealing with the 2008/2009 financial and economic turbulence. This lends credence to a rethink of macroeconomic policies for the less developed and developing economies. Applying autoregressive models and a series of econometric error correction tests on data generated from the World Development Indicators (WDI), an organ of the World Bank, this article argues that the macroeconomic policy of import substitution industrialization contributed to the current economic developments in Brazil and South Africa. The article suggests that an import substitution industrialization policy is not only appropriate to galvanize industrialization in less industrialized economies, but also augments a sustainable economic growth. Bibliogr., notes, ref., sum. [Journal abstract] |
