If an economy's development path emphasizes self-sufficiency by limiting foreign ownership and increasing tariffs, what economic mechanism does it prioritize?

Question

Accepted Answer

Import Substitution Strategy. taking a self-sufficiency path towards development means placing primacy on limiting/eliminating foreign influence in the domestic economy. It specifies this is done by "limiting the ownership of business by foreign companies and increasing tariffs (taxes) on imported foreign goods and services. " Import substitution refers to when domestically produced items come to replace foreign imports, which aligns perfectly with prioritizing self-sufficiency through protectionist measures like tariffs.