Import substitution industrialization

Import Substitution Industrialization (ISI) is when a country produces goods for itself instead of buying them from other countries. This means that the country does not need to pay for the goods it needs, like cars, clothes and food, so it can keep more of its money inside the country. The way this works is by replacing foreign-made goods with domestic goods. For example, if a country needed to buy cars from a foreign company, they could instead use money to build their own car manufacturing plants. This way, they would not need to pay for cars anymore, and they would have money to spend inside their own country.