The Political Economy of Free Trade, WTO and the Developing Countries

Research output: Contribution to journalReview article

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)103-121
Number of pages19
JournalTurkish Economic Review
Volume3
Issue number1
Publication statusPublished - 18 Mar 2016

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