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It was good to launch the economy in the '50s. Japan did this; China did this; even South Korea did this. All the East Asians did this - import substitution. I think all countries followed import substitution in the '50s and in the '60s, but I think by the '70s, countries were getting out of that first phase of the strategy.

Jairam Ramesh

Biography

Author Profession: Economist
Nationality: Indian Quotes
Born: April 9, 1954

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