International Trade and the Developing Countries
There has been a spate of discussion on the future of international economic relations between the developed and the underdeveloped countries, following the first United Nations Conference on Trade and Development.1 In this paper, we shall consider some of the broader theoretical issues arising out of these discussions. Since these issues are deeply rooted in the traditional free-trade versus protection controversy, they can be most clearly brought out by reformulating the old controversy in the new setting.
KeywordsForeign Exchange Capital Good Import Substitution Underdeveloped Country Infant Industry
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- R. Nurkse, Equilibrium and Growth in the World Economy (Harvard University Press, 1962), ch. 10, p. 270.Google Scholar