Uruguay: Trade Policy in a Small Economy
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With little more than three million inhabitants, Uruguay is the second smallest country of Latin America, after Panama, despite its large territory. It was a prosperous agricultural economy throughout the first part of the 20th century but the dream of a premature welfare state was brought to reality by unilateral changes in the conditions of access to agricultural markets in industrial countries. In the second half of the 20th century, the Uruguayan society had to cope with the gradual reduction in rents derived from its abundant natural resources while the size and age composition of the population did not facilitate the diversification of production and trade.
KeywordsForeign Direct Investment World Trade Organization Trade Policy Trade Liberalization Uruguay Round
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