Introduction

The papers in this volume deal with developing countries' policies and how they faced the challenges they had to confront in the global economy where they are becoming increasingly important players. During the 1980s, attention focused on how countries would adjust to an adverse external environment while reforming inefficient and, often inequitable, policies of the past. Quantifying the gains from successful adjustment and reduction in distortions was the order of the day. In the 1990s, as the Cold War ended and trade and communication costs were falling rapidly, a new regionalism with increasing migratory pressures took hold. Understanding the political economy of policy decisions drew increasing attention. More recently, preoccupations have turned towards inclusive growth and the potential conflicts between trade policies conducive towards a more integrated world economy and environmental policies to conserve natural resources and mitigate climate change. Chapters in this volume cover selected aspects of these shifting concerns.