MGEC62H3 Chapter Notes - Chapter 10: Infant Industry Argument, Capital Market, Import Substitution Industrialization

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Chapter 10 trade policy in developing countries notes. Trade policy in less-developed countries can be analyzed using the same analytical tools used to discuss advanced countries. The particular issues characteristic of developing countries are, however, different. The infant industry argument is valid only if it can be cast as a market failure argument for intervention. Although these policies have succeeded in promoting manufacturing, by and large they have not delivered the expected gains in economic growth and living standards. As a result, developing-country trade rapidly, and the share of manufactured goods in exports rose. The results of this policy change in terms of economic development, however, have been at best mixed. The view that economic development must take place via import substitution and the pessimism about economic development that spread as import-substituting industrialization seemed to fail have been confounded by the rapid economic growth of a number of.

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