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import substitution industrialization (ISI) A trade or economic policy theory that advocates replacing imports with domestic production, on the principle that countries should reduce their foreign dependency through local production of industrialized products to create self-sufficient economies.
The change in imports divided by the change in income or production is the specification of the marginal propensity to import. That is, the slope of the imports line is the marginal propensity to import. This net exports line in the bottom panel reflects a plot of the following net exports equation: