Trade, industrialisation, and the visible hand

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Abstract
The paper examines the neo‐classical case for the export‐orientated industrialisation strategy, questioning not only its representation of what has occurred in the Newly Industrialising Countries, but also raising some doubts about the validity of the analytical model which is implicit in its policy prescriptions. An alternative analytical framework and political economy model is then sketched out. The experience of South Korea and Taiwan is used for illustrative purposes, highlighting areas where further conceptual and empirical analysis is required to give a fully‐blown alternative story. An appendix offers a brief summary and critique of some recent neo‐classical work on the relationship between price distortion and growth.

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