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Trade and development

Trade and development - enforcement of contracts –...

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Trade and Development Selected parts from ch. 14 Pages: 322-323; 337- 338; 169-170 Class notes and web
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The experience of transitional economies History National self-sufficiency was a policy goal Foreign trade was monopolized by the state Planning of international trade Specialization within the eastern bloc Emphasis on heavy industries
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Reforms needed Market reforms – liberalization Privatization of state owned enterprises Land reforms Legal reforms – protections of property and
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Unformatted text preview: enforcement of contracts – Political reforms – introduction of democracy • Changes in trade patterns – Changing trading partners (trade creation and trade diversion) – Less reliance on extreme specialization – Emphasis on quality and competitiveness – Export of consumer goods to other European countries – Low cost labour advantage – Import of consumer goods from new trading...
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