import substitution industrialization

Import Substitution Industrialization (ISI) is an economic strategy aimed at reducing a country's dependence on foreign goods by promoting the production of domestic products. The goal is to develop local industries, create jobs, and foster self-sufficiency. Governments often support ISI through tariffs, subsidies, and protecting local businesses from foreign competition. While ISI can stimulate initial growth and industrial development, it may also lead to inefficiencies, lack of competition, and long-term economic challenges if not balanced with a global market approach. Overall, ISI is about nurturing homegrown industries to strengthen a country's economy.