ABSTRACT
Although it was clearly overshadowed by export orientation, there is not the slightest doubt that the East Asian Five also made extensive use of import substitution. This is the strategy they began with. It was pursued intermittently even in the midst of the export boom. And they have come back to it increasingly as the economy matured. 1 While planners and economists have repeatedly criticized the failings of such an inward-looking approach, they were never blind to its advantages. Local businessmen were even more fascinated by certain aspects.
