Question

What can exist as a means to help the most poverty-stricken countries, which has been proposed by those who believe that free trade alone is not enough to do so? Explain this proposed solution.

Answer 1

Import substitution is a proposed solution to help poverty-stricken countries by blocking most imports and promoting domestic production. This strategy seeks to reduce dependence on developed nations and stimulate economic development.

Step-by-step explanation:

One proposed solution to help the most poverty-stricken countries, which has been suggested by those who believe that free trade alone is not enough, is import substitution. Import substitution is a strategy that involves blocking most imports and instead promoting domestic production of those goods. This strategy aims to reduce dependence on developed nations and promote economic development in poor countries. By encouraging domestic production, import substitution can create new industries, generate employment, and boost the country's economy.