What is the Aim of Inward-Looking Strategies? -What is wrong with this Strategy?

-Aim in the Short Term is to Create Jobs, Reduce Poverty and Improve the Nation's Balance of Payments -In the Long Term, Domestic Industries will Growth, Benefit from Econ of Scale, and have the knowledge to Compete on Equal Terms with International Firms -The criticism comes from Being Protected from Global Competition leads to inefficiency and a Nation's Resources not being Allocated Efficiently. Its Comparative Advantage may not be utilised fully.