Part one of term paper
Describe (Inward looking) developmental strategy, clearly outlining the differences between the first and second stage. Assess its effectiveness in promoting economic development. Compare inward looking and outward looking strategies and discuss the assertion that the latter is superior. The First Stage of Import Substitution: All present ...

Part two of term paper
... imports. Protection like that - high protection - discriminates against exports through the explicit/implicit taxation of the export activities. Explicit taxation can take the form of export taxes whereas implicit taxation occurs as a result of the effects of protection on the exchange rate. As your protection level increases, your exchange rate level will decrease in order to ensure the necessary equilibrium of the balance of payments and the lower the amount of domestic currency exporters re ...