Many Latin American countries and some newly independent nations such as India,
Pakistan, The People’s Republic of China, Egypt and Israel were consciously adopting
inward-looking strategy. It is understandable that these developing countries, choosing ISS
for industrialization based on domestic markets, were threatened by export pessimism after
the experience of the great depression in the 1930s, which probably convinced many LDCs
governments of the dangers and uncontrolled risks of international trade and market
mechanism.
Many Latin American countries and some newly independent nations such as India,Pakistan, The People’s Republic of China, Egypt and Israel were consciously adoptinginward-looking strategy. It is understandable that these developing countries, choosing ISSfor industrialization based on domestic markets, were threatened by export pessimism afterthe experience of the great depression in the 1930s, which probably convinced many LDCsgovernments of the dangers and uncontrolled risks of international trade and marketmechanism.
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