ECO203: (International Economics) Historically, countries have industrialised and undergone economic development through two main trade strategies

Module / Subject / School:

ECO203: International Economics

Requirements:

Historically, countries have industrialised and undergone economic development through two main trade strategies: import substitution and export orientation.

Examine one (1) case study for each of the strategies (i.e., one country for import substitution industrialisation, and another country for export oriented industrialisation).

For each case study, you are required to provide statistics, sources, substantiation and elaboration.

You are also required to relate to the respective advantages and disadvantages of each strategy. (Word limit: 1,000 words)

(40 marks)

What we score:

78%

Our Writer’s Comment

Since you’re dealing with two different trade strategies—import substitution and export orientation—choose your case studies carefully. Pick countries where the impact of these strategies is well-documented, allowing you to draw on solid statistics and evidence.

Start by clearly outlining each strategy in the context of your chosen country. For import substitution, you might look at how a country attempted to reduce dependency on imports by fostering domestic industries. For export orientation, focus on a country that has successfully integrated into global markets by boosting exports.

Make sure to back up your discussion with relevant statistics and sources. Numbers are crucial here because they provide concrete evidence of the strategy’s impact on economic development. For example, show how GDP, employment rates, or trade balances were affected. Don’t just present the data—interpret it, explaining what it means in the context of the strategy.

When discussing the advantages and disadvantages of each strategy, tie these directly to your case studies. For instance, if import substitution led to initial industrial growth but eventually stagnated due to lack of competition, explain this in detail. Similarly, highlight both the successes and challenges of export-oriented industrialization, such as increased exports but potential over-reliance on foreign markets.

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