What is the difference between “import substitution industrialization” and “export oriented industrialization”? What did proponents argue were the benefits of each? Does a fixed or floating rate policy allow for greater control over domestic interest rate

What is the difference between “import substitution industrialization” and “export oriented industrialization”? What did proponents argue were the benefits of each? Does a fixed or floating rate policy allow for greater control over domestic interest rates? Why, and what does this imply about management of the domestic economy under the two exchange rate regimes?

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