More than half the world's sovereign states are small economies.
The majority are developing countries in sub-Saharan Africa and the
Caribbean Basin. The globalization process poses special challenges
for small economies because of their vulnerability and lack of
diversification. How should they overcome the limitations of
smallness and become better integrated into the world economy? How
should they take advantage of the opportunities resulting from
globalization while avoiding the pitfalls? Opening the economy is
widely recommended, but there are important risks for which
policy-makers need to define a balanced response. This book
discusses the main strategies or options for small developing
economies towards better integration into the world economy. They
include membership of the World Trade Organization and unilateral
economic liberalization. Another important strategy is regional
integration among developing countries. Many small states also
continue to rely heavily on special trade arrange-ments with
industrial countries. Recently a lot of attention has been paid to
quite a different strategy: North-South integration with reciprocal
obligations. In practice, the strategies are not mutually
exclusive, but must be combined into a coherent policy package for
maximum advantage.
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