- Inward oriented and (b) Outward oriented.
- Inward – oriented policy:- An inward oriented strategy is the one in which trade and industrial incentives are biased in favour of production for domestic market over the export market. ...
- Outward – oriented policy : - On the contrary, an outward oriented strategy is the one in which trade and industrial policies do not discriminate between production for domestic goods ...
What is the difference between outward and inward oriented policies?
An outward oriented policy discriminates neither in favour of exports nor is it against import substitution. An inward oriented or inward looking strategy is characterised by a bias of trade and industrial policies in favour of domestic production as against foreign trade.
What are the negative effects of inward-oriented policies?
As a result, nations that follow inward-oriented policies do not realize their country's full potential in terms of exporting and importing goods and services. The richer nations also took advantage of their seaports to trade with nearby countries, which was a problem for land-docked countries.
What is inward looking and outward looking policy?
Keeping this in consideration, what is inward looking policy? Inward looking policy is like import substitution, basically putting up trade barriers and trying to become self sufficient. Outward looking policy is growth through exports, think of the tiger economies.
What is an outward oriented growth strategy?
An outward oriented policy discriminates neither in favour of exports nor is it against import substitution. An inward oriented or inward looking strategy is characterised by a bias of trade and industrial policies in favour of domestic production as against foreign trade. Hereof, what is inward looking strategy of growth?
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