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Mercantilism vs. ISI Model
Mercantilism and import-substitution industrialization are two important concepts of economics. They have both similarities and differences. With the comparison, this will be clear.
Mercantilism is an economic system. It was applied from 16th century to end of 17th century with the collapse of feudal system. Mercantilism was applied in European countries. Countries that applied this are especially England, France, Holland, Italy, Spain and Germany.
Import-substitution industrialization (ISI) is an economic model. This model was applied after the Second World War until the 1970’s. It was applied by Latin American countries like Ecuador, Dominican Republic, and Peru; by Middle Eastern countries like Iran, Egypt; by East Asian countries like South Korea, Philippines and by African countries like Kenya, Zimbabwe.
In mercantilism, states support domestic merchants. In this era, warfare was common and states need money to have a strong army and navy.......

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Approximate Word Count: 515
Approximate Pages: 3 (250 words per double-spaced page)

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