Trade Liberalisation and Economic Development: A Critical Review

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Abstract

This article examines the literature on trade liberalization and economic development. It also briefly looks at the theory of comparative advantage which is seen as justification for global trade liberalization under the auspices of the World Trade Organization. The study is important because once again the international institutions strongly advocate trade liberalization in the developing countries. Such policies may increase vulnerability and make the developing countries further hostages to international finance capital. It seems that trade liberalization is being presented as a suitable developmental strategy for developing countries despite weak empirical findings. It appears that with the current agenda of universal trade liberalization, not only will development space shrink but also self-determination and economic sovereignty will be undermined.
Original languageEnglish
Pages (from-to)228-247
Number of pages20
JournalInternational Journal of Political Economy
Volume44
Issue number3
DOIs
Publication statusPublished - 5 Nov 2015

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