Import-Substituting Industrialization From World War II until the 1970s many developing countries attempted to accelerate their development by limiting imports of manufactured goods to foster a manufacturing sector serving the domestic market a The most important economic argument for protecting manufacturing industries is the infant industry argument Copyright C 2003 Pearson Education, Inc Slide 10-5Copyright © 2003 Pearson Education, Inc. Slide 10-5 ▪ From World War II until the 1970s many developing countries attempted to accelerate their development by limiting imports of manufactured goods to foster a manufacturing sector serving the domestic market. ▪ The most important economic argument for protecting manufacturing industries is the infant industry argument. Import-Substituting Industrialization