Compare and contrast at least two types of industrialization strategy Coursework

Compare and contrast at least two types of industrialization strategy - Coursework Example Further more, it will explain the advantages of the strategies and how different countries have used them to ensure that they are doing well economically. At the end of it all, it will give a clear picture to which strategy can work best for countries thus the comparison of the two strategies. Industrialisation is a process that allows people within a society to change their social and economic status. Industrialisation is a great contributor to modernisation of an area. People go through changes like better and stronger buildings, more intensified machines for processing things, better technology, and large scale production of energy like electricity and better communication and transportation channels. It is also a major contributor to cultural changes that is, with industrialisation, many people change how they view and do things. Their attitudes change completely. Industrialisation comes in with the influence of politics, skilled labour and large scale production with low costs. Industrialization is a major contributor to the economic welfare of a country. Thus many economists attribute economic success to good industrialisation processes1. There are two main industrialization strategies that can be discussed and have been used by many countries to uplift their econom ic status. The ISI strategy is also known as the import substitution industrialisation while, the EOI strategy that is also known as export-oriented industrialization1. Import substitution is an economic strategy that involves a country coming up with trade policies. It is the attempt a country makes to ensure that it produces its own materials instead of importing. It tries to copy how other countries are producing certain goods and products thus start its own production within the country. It involves a lot of government spending in producing the goods. It requires acquiring the