Final answer:
Outward-oriented trade, or emphasizing trade with other nations, is generally more preferable for economic growth. It allows countries to take advantage of comparative advantage, economies of scale, and a larger market, which stimulates economic development. Inward-oriented strategies are more limiting in comparison.
Step-by-step explanation:
When discussing which is more preferable for economic growth, inward-oriented or outward-oriented trade, it is generally observed that outward-oriented trade, emphasizing trade with other nations (Option B), is preferable for economic growth. This approach allows economies, especially smaller or low-income countries, to benefit from comparative advantage, enhancing production efficiency and access to a larger market, which in turn stimulates economic growth. Outward-oriented trade policies have been associated with fast-growing economies, as they enable these countries to integrate into the global economy, leverage economies of scale, and improve consumer choices. While inward-oriented trade, or favoring trade within a country's borders (Option A), can be beneficial for certain economic strategies, it often limits the potential for growth by constraining the market size and preventing competition. A balance of both inward and outward trade (Option C) could be ideal, but in practice, outward-oriented trade tends to offer a stronger platform for sustainable growth. Therefore, relying solely on inward trade or dismissing the importance of trade altogether (Option D) is not conducive to maximal economic growth.