Trade and Industrial Policies in East Asia: In Search of Lessons for Africa
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Date
2006-07
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A.A.U
Abstract
Most African economies have not achieved any significant level of industrialization and
export diversification to date; And so, The continent remains the least industrialized in
the world in response, With strong conviction that economic theory has irrefutably
Proved the superiority of free trade and Laissez fair industrial Policies, The
governments and international economic institutions of the developed countries have
been Pressurizing african governments to Fee their external trade and minimize their
involvement in the form of industrial Policies. Under such a context, This study analyzes
the trade and industrial Policy experiences of three East Asian countries. It also
analyzes the terms of trade implications of export diversification in to manufacturing
under the context of new export pessimism" Using data for six east Asian countries.
the study, finds that the governments of the countries studied deliberately and
Consistently employed Policies that are against the Fee trade and laissez-fire
paradigms and resorted to a strategic approach to industrial development and
international trade. the study also finds that export diversification into manufacturing
have had a Positive impact on the terms of trade of the countries studied and therefore.
It suggests selective dynamic, Predictable and performances based Protection and
Promotion of infant industries conceptualized to the current global conditions and
where the government has the willingness and the ability to withdraw the Protection
and Promotion.
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Keywords
Industrialization, Infant Industry, Panel Cointegration, Terms or Trade