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International DevelopmentIdeas, Experience, and Prospects$
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Bruce Currie-Alder, Ravi Kanbur, David M. Malone, and Rohinton Medhora

Print publication date: 2014

Print ISBN-13: 9780199671656

Published to Oxford Scholarship Online: April 2014

DOI: 10.1093/acprof:oso/9780199671656.001.0001

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Trade and Finance in Development Thinking

Trade and Finance in Development Thinking

Chapter:
(p.295) Chapter 17 Trade and Finance in Development Thinking
Source:
International Development
Author(s):

José Antonio Ocampo

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199671656.003.0018

This chapter summarizes the controversies on trade and finance in relation to developing countries as they have evolved since the Second World War. It shows the significant divergences among schools of development thought as to the role of the global system versus national policies in determining development success, and between those who defend the virtues of markets versus those who consider that development is intrinsically tied to some forms of state intervention. It follows a historical sequence, from what it terms the “industrialization consensus” of the early post-war years through the rise of newly-industrialized countries (NICs) as exporters of manufactures, to the “Washington Cconsensus” and the most recent challenges associated with the rise of China and the recent slowdown of international trade. Through this analysis, it also takes a look at changes in the global economic order and initiatives aimed at redesigning the rules for the global economy.

Keywords:   trade, finance, liberalization, global economic order, globalization, international division of labor, newly-industrialized countries (NICs)

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