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Outward-Orientation and Development: Are Revisionist Right?

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Author Info

  • Srinivasan, T.N.
  • Bhagwati, J.

Abstract

The costs of import substitution (IS) as a strategy for industrialization, which was deemed synonymous with economic development by many development economists of the fifties and sixties, were shown to be substantial in the influential and nuanced studies of the seventies and eighties under the auspices of OECD, NBER and World Bank. These studies played a critical role in shifting policies in several developing countries away from the IS strategy. The paper systematically reviews the theoretical and empirical studies on such linkage. It rejects the cross-country regression methodology for reasons of their weak theoretical foundation, poor quality of their data base and their inappropriate econometric methodologies. It argues that the most compelling evidence on this issue can come only from careful case studies of policy regimes of individual entries such as those of OECD, NBER and World Bank.

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Bibliographic Info

Paper provided by Yale - Economic Growth Center in its series Papers with number 806.

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Length: 44 pages
Date of creation: 1999
Date of revision:
Handle: RePEc:fth:yalegr:806

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Postal: U.S.A.; YALE UNIVERSITY, ECONOMIC GROWTH CENTER, YALE STATION NEW-HAVEN CONNECTICUT 06520 U.S.A
Phone: (203) 432-3610
Fax: (203) 432-3898
Web page: http://www.econ.yale.edu/~egcenter/
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Keywords: DEVELOPING COUNTRIES ; ECONOMIC GROWTH ; INTERNATIONAL TRADE;

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Cited by:
  1. Carlos Esteban Posada P., 2004. "Causas del desarrollo y mecánica del crecimiento," Method and Hist of Econ Thought 0411003, EconWPA.
  2. Mario Cimoli & Nelson Correa, 2002. "Trade Openess and Technological Gaps in Latin America: a Low Growth Trap," LEM Papers Series 2002/14, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  3. Ferreira, Pedro Cavalcanti Gomes & Rossi Junior, José Luiz, 2001. "New Evidence on Trade Liberalization and Productivity Growth," Economics Working Papers (Ensaios Economicos da EPGE) 433, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  4. David Dollar & Aart Kraay, 2004. "Trade, Growth, and Poverty," Economic Journal, Royal Economic Society, vol. 114(493), pages F22-F49, 02.
  5. Frederico Gonzaga Jayme Jr, 2001. "Notes on trade and growth," Textos para Discussão Cedeplar-UFMG td166, Cedeplar, Universidade Federal de Minas Gerais.
  6. Indra de Soysa & Eric Neumayer, 2004. "False Prophet, or Genuine Savior? Assessing the Effects of Economic Openness on Sustainable Development, 1980–1999," International Trade 0409001, EconWPA, revised 13 Oct 2004.
  7. Fecerico Bonaglia & Jorge Braga de Macedo & Maurizio Bussolo, 2002. "How Globalisation Improves Governance," International Trade 0211005, EconWPA.
  8. Rockmore, Marc & Zhang, Xiaobo, 2006. "Moving up and moving down: a new way of examining country growth dynamics," DSGD discussion papers 34, International Food Policy Research Institute (IFPRI).
  9. Wei, Shang-Jin & Wu, Yi, 2001. "Globalization and Inequality: Evidence from within China," CEPR Discussion Papers 3088, C.E.P.R. Discussion Papers.
  10. Ana Flávia Machado & Frederico G. Jayme Jr, 2002. "Trade liberalization and labor market in Brazil: impacts on employment and wages in tradeables and nontradeables sectors," Textos para Discussão Cedeplar-UFMG td174, Cedeplar, Universidade Federal de Minas Gerais.
  11. Adam McCarty, 2001. "Globalisation and Human Development," International Trade 0110001, EconWPA.
  12. Kishor Sharma, 2000. "Liberalization and Structural Change: Evidence from Nepalese Manufacturing," Working Papers 812, Economic Growth Center, Yale University.
  13. Walsh, Patrick Paul & Sibley, Christopher W., 2002. "Earnings Inequality and Transition: A Regional Analysis of Poland," IZA Discussion Papers 441, Institute for the Study of Labor (IZA).
  14. Carolina Castaldi & Mario Cimoli & Nelson Correa & Giovanni Dosi, 2004. "Technological Learning, Policy Regimes and Growth in a `Globalized' Economy: General Patterns and the Latin American Experience," LEM Papers Series 2004/01, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  15. Richard Kozul-Wright & Paul Rayment, 2004. "Globalization Reloaded: An Unctad Perspective," UNCTAD Discussion Papers 167, United Nations Conference on Trade and Development.
  16. Gilberto A. Libânio, 2003. "Trade, specialization and growth: a preliminary assessment of the Brazilian experience in the nineties," Textos para Discussão Cedeplar-UFMG td220, Cedeplar, Universidade Federal de Minas Gerais.

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