What are Inward-Looking Strategies? (Protectionism)

-Seeks to Protect Domestic Industries until they can Compete Internationally The main Policy is to adopt Import substitution. Goods previously Improved are Replaced by Domestically Produced Goods. This can be done by Imposing Tariffs and Quotas on Imported Goods -Subsidies can be Given to Domestic Producers to Sell their Goods at Competitive Prices, or on Necessary Products that Everyone Needs (even if Imported Abroad) allowing them to spend more of their income on Domestically Produced Goods -Currency might be maintained at an Artificial High exchange rate, which can allow for some Selected Goods abroad to be Imported Cheaply (Raw Materials)