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Books > Business & Economics > Economics > International economics > International trade
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Trade Liberalisation and The Poverty of Nations (Paperback)
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Trade Liberalisation and The Poverty of Nations (Paperback)
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Orthodox trade and growth theory, and the world's multilateral
development institutions, extol the virtues of trade liberalisation
and free trade for more rapid economic development of poor
countries. However, the contemporary reality and history seem to
tell a different story. The world economy has experienced an
unprecedented period of trade liberalisation in the last thirty
years, and yet international and global inequality is widening;
domestic poverty (outside of China) is increasing; poor countries'
exports have grown more slowly than their imports leading to
balance of payments crises, and the so-called globalising economies
of the world (excluding China and India) have fared no better, and
in some cases worse, than those countries that have not liberalised
so extensively. This book argues that orthodox theory is based on
many unreal assumptions, and that there are sound economic
arguments for selective protection of industrial activities in the
early stages of economic development. The historical evidence of
the now-developed countries also illustrates this fact. With
supporting empirical evidence, this book provides a powerful
theoretical critique of orthodox trade theory. It will be of great
interest to students taking courses in international trade and
development economics, as well as to professional economists and
policymakers in international development institutions.
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