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  • Thus aforementioned research questions induce the following

    2018-11-15

    Thus, aforementioned research questions induce the following objectives that the study targets to achieve:
    2. Conceptual relevance of import Cy3.5 maleimide Supplier industrialisation The ISI policy initiative has been faced with various criticisms over the past decades. The policy initiative was (and still is) criticised by some neoliberal advocates more noticeably in the 1970s and 1980s (Balassa, 1971; Bhagwati, 1978; Krueger, 1978; Balassa, Bueno, Kuczynski & Simonsen, 1986). Global bodies, especially the Institutions of Bretton Woods agreement (the International Monetary Fund – IMF and the World Bank) and the policy makers, especially the Western hegemons were parts of the badgering. Coined in 1989 by John Williamson, the term Washington consensus has become the bedrock of policy prescriptions of the neoliberal/neoclassical ideologists, hence its disapproval and antipathy from the leftists who see the policy as an embellishment of imperialism rather than diagnosis for economic woes (Williamson, 2004). Contrary to what the neoclassic axiomatically believed to be methodical masterpiece, the neoliberal ideology defied the economic pathway that led the hitherto underdeveloped countries (today the economic powerhouses) to the present accolade (Wade, 2003). The ISI policy that was adopted in the early industrialisation struggle of most developing economies originated from the evolutionary phases of industrialisation in the advanced economies, ‘The growth of import substitution industrialisation has been paralleled by doubts over its continuing viability to support economic growth, paradoxically in countries which have already attained a high degree of industrialisation (Ahmad, 1978:357). These industrialised countries are seen to have architectured ISI and it becomes ironic to uncover the dexterity with which they rewrite their economic history in suggesting that economic development and essentially industrialisation can only be achieved through neoliberalism or its first cousin, neoclassic ideology: Documented evidence indicates the timeframe during which each of these advanced economies adopted ISI during their developmental phases. For instance, United Kingdom only ended the protectionist policies in 1846 with the abolition of the Com Laws, which had enhanced the industrialisation process of the country (Detlef, 2012). According to Chang (2012), the rulership of Henry the VII during the 16th century was trendy for protecting the main industrial activity in Britain at the time – wool, and the infant industry also benefitted extensively from the protectionist measures that eventually nurtured them to global competitiveness. Quoting Friedrich List, Chang (2012:44) declares that the neoliberal ideology being canvassed by Britain is like “kicking away the ladder with which he had climbed to the top”. It was also established that ISI was adopted in the United States, and the policy was institutionalised through various protectionist measures (Persky, Ranney & Wiewel, 1993). According to these authors, the ‘buy Oregon’ programme of 1983, the ‘buy Chicago’ programme, the St Paul׳s “Home-grown Economic” project as well as various other ‘buy local’ campaigns of the 1920s were all designed to ensure that the “programme of import substitution mobilises local resources in a manner that greatly enhances their productivity” (Persky et al., 1993:21). These authors further contended that the ISI programmes initiated over those industrialisation periods of 1920s, riding on the laurel of similar practices that were adopted in the early 1860s, were intended to ensure that the local producers were competitive enough to counter imports into their domestic markets when the markets are opened (Chang, 2012). The measures were also adopted to ensure that these local manufacturers were competitive enough to invade very distant markets, which happened eventually as many America-originated multinational corporations invaded almost every nook and crannies of the world market, and they are today the largest market participants in offshore investments both in volume and in revenue.