1. Industrial policy: ISI
Import-substituting industrialization
Definition
Substituting domestic industrial production of goods that had previously been imported

2. Industrial policy: EOI
Export-oriented industrialization
Definition
Promotion of manufacturing for foreign—not domestic—markets

3. Development strategies
Definition
Sets of government policies that
Affect the domestic allocation of resources among industries and social groups
Shape a country’s relationship to the global economy
ISI and EOI are building blocks of development strategies