Definitions for "Import Substitution"
An economic policy and development strategy focusing on the replacement of imports with domestically produced goods, usually accomplished through protectionism, as the route to economic growth. Compare with export oriented strategy. Français: Importation de substitution Español: Sustitución de importaciones
A policy of promoting domestic production of goods that otherwise would be imported. Such programs may involve a combination of domestic subsidies and import restrictions, and are often justified on grounds of conserving foreign exchange. See also infant industry protection.
A strategy for economic development that replaces imports with domestic production. It may be motivated by the infant industry argument, or simply by the desire to mimic the industrial structure of advanced countries. Contrasts with export promotion.