Coercion, Cascade, Convergence and Free Trade
The hesitation, conversion to trade reform, and the rush to free trade are viewed as a process involving a rational analysis of the political cost (including market access) to the policymaker. The rush to free trade depends on the degree of precision of signals—the policymaker’s own and the signal of others who preceded her. Hesitation reveals an appreciation of the importance and understanding of the latitude for reform under dire economic conditions. Reform cum stabilization then becomes acceptable to all because all the players will emerge de facto beneficiaries
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Volume (Year): 56 (2003)
Issue (Month): 4 ()
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