Trade policy and development

Abstract

The interaction between international trade and development is discussed as it pertains to the optimal trade and development strategy for a postwar LDC and to how that country's trade opportunities ought to be defined. The policy issues fall into four broad categories: protection, industrialization, export performance, and economic development. Protection, in the form of tariffs or quotas, is a part of the total framework of trade incentives and is a key factor bearing on the rate of industrial growth, on export performance, and on economic development. A protection strategy tends to limit foreign investment in the less developed country, while an export-promoting strategy that does not discriminate against foreign markets is likely to attract investment by foreign firms, which would further the main objective of encouraging the transfer of resources from developed to less developed countries. Numerous references.

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