Analysing the experience of developing countries in recent years
and the deadlock in trade negotiation in WTO, the author argues
that the theories and practices of trade and industrial policies
are surrounded by a number of fallacies: that universal and
across-the-board trade liberalisation is to the benefit of all
developing countries, irrespective of their level of development;
that the Invisible Hand of free market alone is conducive to
industrialisation, that the infant industry argument is against
export expansion; that developed countries industrialised without
government intervention; that WTO rules are conducive to
development.
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