26 Trade Policy in Developing Countries, Part 2

26 Trade Policy in Developing Countries, Part 2 - Trade...

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1 1 Trade Policy, Developing Countries • Agenda: – Trade Liberalization since 1985 – Export-Oriented Industrialization • The Facts of Asian Growth • Trade Policy in the HPAEs • Industrial Policy in the HPAEs • Other Factors in Growth 2 Trade Liberalization since 1985 • The shift of developing countries toward freer trade is arguably the big trade policy story of the past 2 decades. • After 1985, many developing countries reduced tariffs, removed import quotas, and in general opened their economies to import competition. 3 Trade Liberalization since 1985 4 Trade Liberalization since 1985 Trade liberalization in developing countries has two clear effects. 1. A dramatic increase in the volume of trade , and 2. A change in the composition of trade away from agricultural and primary products and towards manufactured goods.
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5 Trade Liberalization since 1985 6 Trade Liberalization since 1985 • But trade liberalization, like import substitution, was intended as a means to the end of economic development , not a goal in itself. 7 Export-Oriented Industrialization • Introduction: – Since the mid-1960s, it became clear that there was another possible path to industrialization: via exports of manufactured goods , primarily to advanced countries. – The countries that primarily developed in this manner—the high performance Asian economies, or HPAEs —achieved remarkable results. 8 Export-Oriented Industrialization • The Facts of Asian Growth: – The HPAEs consist of 3 groups of countries. • Japan.
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26 Trade Policy in Developing Countries, Part 2 - Trade...

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