Abstract
Asymmetries between the profit-risk perceptions of foreign and domestic investors are unavoidable aspects of late development. Import substitution strategies that try to advance industrialization by compensating for the asymmetries have, therefore, been part of the development efforts of Asian and Latin American NICs. Current explanations of the greater success of Asian NICs with ISI are examined and an alternative is advanced that stresses the impact of culture and history on consumer preference formation and through this on the survival and modernizing of craft industry. Partial evidence plus suggestions for deeper testing are offered.
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