Pros and cons of import substitution strategies
Анотація
The article analyzes the experience of countries that have used different import substitution strategies, identifies the positive and negative consequences. Particular attention is paid to the study of theoretical aspects of the problem of import substitution in the economic development strategy implementation. On the basis of the conducted researches the directions of import substitution strategies introduction in modern conditions are outlined. Based on the study, the following prerequisites for the successful import substitution policy implementation are identified: justification of the product groups set, import substitution of which is appropriate and cost-effective for the state and society in the long perspective; the instruments of import substitution policy, in particular the prevalence of restrictive instruments (tariffs, quotas, taxation, etc.) in order to protect the national producer and stimulate investment measures to stimulate innovative economic development.
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