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1. Introduction
It was the export promotion (EP) strategy that accounted for East Asian's states' success of economic development. Meanwhile, many other developing countries such as Latin America countries had committed to an alternative strategy, import substitution (IS). The IS strategy yielded disappointing results: most of these countries did not succeed in either industrialization or economic growth while export-oriented industrializations (EOIs) sustained fast economic development. Data from the World Bank (1993) showed that the real GDP of EOIs (7.6%) grew faster than IS countries (3%) during 1965-1990. There is no doubt that EOIs outperformed countries that adopted IS strategy in terms of economic development. However, are there any other aspects that EP is better than IS?
In this essay, the detailed comparisons between these two strategies will be discussed in three main parts: (1) industrial sector; (2) agriculture and service sector; and (3) international trade......

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Approximate Word Count: 1681
Approximate Pages: 7 (250 words per double-spaced page)

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