What is the difference between outward-looking and inward-directed economic development? | Homework.Study.com (2024)

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What is the difference between outward-looking and inward-directed economic development?

Economic Development

The term economic development is used to describe the overall socio-economic development of the country. It is different from economic growth as the GDP of the country does not measure it.

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There are two strategies used by the countries while planning economic development. These strategies are inward-looking and outward-looking economic...

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Learn the definition of economic growth and understand its causes. Compare economic growth vs. economic development and study an economic growth example.

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What is the difference between outward-looking and inward-directed economic development? | Homework.Study.com (2024)

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What is the difference between outward-looking and inward-directed economic development? | Homework.Study.com? ›

Answer and Explanation:

What is the difference between inward looking and outward looking development path? ›

An outward-oriented growth strategy is open to foreign trade and foreign capital. Every developed country has become so by having an outward-oriented growth strategy. And inward oridented country pursues autarchy, so it is closed to foreign trade and foreign capital.

What is the difference between inward and outward looking? ›

Looking inwards: to evaluate performance at every level and use the information gathered to decide on what needs to be done to improve. Looking outwards: to learn from research, others and best practice and use this to facilitate innovation and creativity and inform improvement actions.

What is an outward looking strategy for economic development? ›

An outward-oriented strategy encourages international trade, which allows countries to access a larger market for their goods and services. This increases the efficiency of resource allocation by promoting specialization based on comparative advantage.

What is outward looking in economics? ›

: thinking about other people or places. The country has become more outward looking in its economic policies.

What does inward looking development mean? ›

Policy that attempts to achieve development by stimulating domestic industry and import substitution behind trade barriers.

What is outward looking strategy? ›

In general, an outward oriented strategy is one in which trade and industrial policies either do not discriminate between production for the domestic market and exports, and between purchases of domestic goods and foreign goods (strongly outward oriented) or only moderately discriminates in favour of domestic ...

What does inward and outward mean in economics? ›

Return inwards is defined as the receipt back of the goods by the seller which is originally sold to the buyer because of excess goods or defective goods. While return outwards is defined as the return back of the goods by the buyer to the seller from where the goods were initially purchased.

What is the meaning of outward and inward? ›

inward adjective (INSIDE)

The force pushes the object in an inward direction. Compare. outward adjective (ON OUTSIDE) inside your mind and not expressed to other people: inward feelings.

What are examples of inward and outward mindset? ›

Inward mindset vs. Outward mindset
Inward mindsetOutward mindset
I blame my teammates when things go wrong.I hold myself accountable.
I see my colleagues as competitors or obstacles in my way of success.I see my colleagues as collaborators.
1 more row

What is the inward-looking strategy? ›

Inward-looking trade strategy is also known as import substitution. Its main aim is to produce goods domestically which are imported to our nation. Here, the government protects domestically produced goods from foreign competition.

Is an outward looking or an inward-looking trade policy best? ›

countries that have relied on “outward-oriented” development strategies have done better over the medium and longer run than those countries that have adopted “inward-looking” strategies.

What is outward looking development policies? ›

Broadly characterized, an outward oriented strategy is one in which trade and industrial policies do not discriminate between production for the domestic market and exports, nor between purchases of domestic goods and foreign goods.

What does it mean to be outward-looking? ›

looking beyond oneself; open-minded and reaching out to other people, organizations, etc. outward-looking tolerance. an outward-looking church.

What do you mean by inward looking economy? ›

Inward looking trade policies focuses on building and developing domestic industries. The. government is interested in protecting and helping the infant industries grow and become. competitive in the world market by gaining comparative advantage.

What is inward looking industrialization? ›

By placing high tariffs on imports and other protectionist, inward-looking trade policies, the citizens of any given country by using a simple supply-and-demand rationale substitute the less expensive good for a more expensive one.

What is outward development? ›

Outward Development is a vertically-integrated hospitality investor, operator, and developer based in California's Central Coast.

What is outward vs inward personality? ›

Outward focused people think and care about others. Inward focused people love to talk about themselves. When I meet an inward focused person, I try to plan my escape from them as soon as possible.

What are inward and outward Behaviours? ›

There are two different types of mindset that we can have: inward and outward. From an inward perspective, we focus only on ourselves and our own goals without considering how we impact others. With an outward perspective, however, we see others as people who matter just like we do.

What is inward looking perspective? ›

If you describe a people or society as inward-looking, you mean that they are more interested in themselves than in other people or societies.

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