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This book explores the principle issues surrounding the effective participation of the developing countries in the new, more interdependent global economy. It is up-to-date and offers a fresh and critical assessment of traditional approaches in the sphere of international financial and trading policies. Particular emphasis is placed upon what is not known and requires further research. Among the major issues addressed are the impact of the global exchange rate system on developing countries, the efficacy of growth-oriented structural adjustment lending, the future role of foreign direct...

An authoritative assessment of the debate over the role of volatile private capital flows and their impact on developing countries. The book outlines the long history of concern about these issues, going back to preparations for the Bretton Woods agreement. It assesses their acceleration with the growth of international capital and looks at key case studies from Latin America, Asia and Africa to assess the possibilities and problems for national and international policy responses.

In recent years, much has been made of the success of developing countries, particularly in East Asia, which have achieved economic growth by manufacturing goods which are then exported to developed economies.
Case studies of five countries uncover serious potential difficulties in maintaining the pace of manufacturing for export in the developing countries, and shows that there is no simple relationship between import liberalization and manufacturing for export.

The relationship between trade policy and industrialization has provoked much controversy. Can trade policy promote economic growth in developing countries? Those actively working in the area are becoming increasingly sceptical about the conventional advice given by international policy advisors and organizations.
This volume builds upon earlier theoretical and empirical research on trade policy and industrialization but is the first cross-the-board attempt to review developing country experiences in this realm for twenty years. The experience of fourteen developing countries in the 1970s...