discuss how an outward looking strategy for industrialisation has been successful in developing a strong indigenous export orientated sector in ireland?

discuss how an outward looking strategy for industrialisation has been successful in developing a strong indigenous export orientated sector in ireland?

 

answer:

Outward looking strategy for industrialisation means rather than using import substitution country uses export oriented policies so that domestic producers are able to compete with established producers in world markets. Ireland was one of the earliest country to switch from inward looking to outward looking policy. Under this policy, growth in Ireland picked up in 1960s and 1970s compared to 1950s. This phase of industrialisation was characterised by rise in exports as well. 16% of manufactured good which was exported in 1951 rose to 41% in 1978. This eased the problem of balance of payment in Ireland which was existent in 1950s.

This also increased employment in Ireland. Huge amount of foreign investment came its way which was technologically mature and labour intensive as well in some cases.

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