Abstract Free trade doctrines have been questioned from the angle of their logical validity as well as relevance. Their replacement by New Trade Theories has been matched by important policy moves on strategic trade and industrial policy in advanced countries. These are defended by the advanced nations, both at inter‐governmental levels and in multilateral institutions, largely in the interest of big capital in industry and finance. However, the theoretically discarded principles of free trade are still in use to push trade liberalization in developing countries. An uneven power relation between the rich and poor nations of the world has generated this asymmetric combination of policies in the world economy. Neglect of the macroeconomic issues relating to the national as well as the world economy has led these theories and the related policies to ignore the concerns for growth as well as development.
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