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.

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.

This classic, bestselling textbook provides a comprehensive introduction to the field of development economics. The 10th edition of Tony Thirlwall's book, now co-written with Penelope Pacheco-Lopez, provides a clear, comprehensive and rigorous introduction to the theory of development economics and the experience of developing countries. Balancing a historic approach with current data and references, it provides a wide-ranging analysis of the subject. This all-inclusive methodology succeeds at representing different schools of thought with a balance of micro and macro topics. An ideal textbook for undergraduate students of economics and other social sciences, it is also suitable for upper undergraduate and master's level modules on development economics as an option on a non-economics degree. New to this Edition: - A brand new chapter on human capital:education, nutrition, health, and therole of women in development - New material on the Sustainable Development Goals, the measurementof poverty, and the multidimensional poverty index - Discussion of randomized control trials - The role of structural change in economic development - New IMF lending facilities Accompanying online resources for this title can be found at bloomsburyonlineresources.com/economics-of-development-10e. These resources are designed to support teaching and learning when using this textbook and are available at no extra cost.