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Essay text:
This case illustrates the challenges that developing countries face in defining trade policy. It also introduces the role of regional trade blocks as an alternative to globalization. At the current time regionalism seems to be very much in vogue and seems to be much more likely to be the basis for future trade system changes than comprehensive trade treaties.
Brazil's Import Substitution Strategy
After the Great Depression of the 1930s, Brazil followed an import substitution strategy characterized by massive government investment, targeting of key industries, and protection against competition with high tariffs walls...
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Common topics in this essay:
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