International trade, WTO and economic development

Research output: Contribution to journalArticle

Abstract

This paper examines the existing literature on trade liberalisation and its effect on the economies of developing countries. It will also briefly examine the theory of comparative advantage which is seen as justification for global trade liberalisation under the auspices of the World Trade Organisation. This process is also associated with greater openness, economic interdependence and deepening economic integration with the world economy. The study is important because once again the international institutions strongly advocate trade and financial liberalisation in developing countries. The proponents of trade liberalisation argue that multilateral trade negotiations would achieve these goals, and poor countries particularly would benefit from it. However, such policies may increase vulnerability and make developing countries further hostages of international finance capital. Adoption of open market policies in agriculture would also mean the abandoning of self-reliance and food sovereignty, which may have wider consequences in terms of food shortages, food prices and rural employment.
Original languageEnglish
Pages (from-to)424-450
Number of pages27
JournalWorld Review of Political Economy
Volume7
Issue number4
DOIs
Publication statusPublished - 1 Dec 2016

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