Authors: H. Pavolová, K.A. Kolotov

Title of the article: International experience of import substitution in the countries of catching-up industrialization

Year: 2019, Issue: 3, Pages: 14-23

Branch of knowledge: 08.00.01 Economic Theory

Index UDK: 330.341.424

DOI: 10.26730/2587-5574-2019-3-14-23

Abstract: At present, the economies of developed countries are undergoing structural transformation due to the deployment of industrial complex on a new technological basis. The task of economic science is to critically understand the modification of this trend. Inefficient institutions and international financial and technological restrictions reduce the effect of stimulating import substitution by the government; prevent the development of its reproductive mechanisms, which can achieve a positive trend in economic dynamics. In the context of the high entropy of market processes, it has become clear that without modernization and deployment of new industries that implement avant-garde directions of domestic demand for innovative benefits, the risks of losing the international competitiveness increase in many times. Therefore, the demand for import substitution, which integrates the resource security of the economy, its scientific potential and the large domestic market, is determined by the imperative of innovative development. The article presents an analysis of the international experience of import substitution in countries of catching-up industrialization, and makes the conclusions about its modernization and anti-recession role.

Key words: import substitution economic growth catching-up development recession modernization

Receiving date: 05.09.2019

Publication date: 25.12.2019

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