This essay contains the Graham Memorial Lecture which the author delivered at Princeton University on April 17, 1980. It will be further presented at the Sino-American Conference on Alternative Development Strategies, to be held at the Wingspread Facility, Racine, Wisconsin on November 21-24, 1980. The essay summarizes the author's ideas on the process of industrial development and on industrial development strategies. Drawing on his research over the last decade the author examines the determinants of early industrial development, evaluates the first stage of import substitution, analyzes the principal characteristics and results of inward-oriented and outward-oriented industrial development strategies and discusses the responses of the newly-industrializing developing countries to the external shocks suffered after 1973. Finally, the essay provides policy prescriptions for the future, with consideration given to the prospects for world trade in manufactured goods.
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