Comparative analysis of the best practices in the economic policy of import substitution

Abstract

The modern challenges, the sanctions and the state of the economy made it possible to implement the import-substitution policy measures. This article provides a brief overview of the policies of import substitution, which have been carried out in various countries since the middle of the last century.The evaluation of these practices by the scientists is considered and their conclusions are summarized. The main results of the policy of import substitution of the countries of Latin America, Asia, and Europe are summarized. To this end, the risks able to impede the implementation of the import substitution policies are identified herein, the performance criteria for the implementation of the policy at the general economic and sectoral levels are proposed, and the principles of the state approach to the import substitution are formulated.