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The Political Economy of Free Trade, WTO and the Developing Countries

Siddiqui, Kalim (2016) The Political Economy of Free Trade, WTO and the Developing Countries. Turkish economic review, 3 (1). pp. 103-121. ISSN 2149-0414

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This paper examines the existing literature on trade liberalisation and itseffect on the economies of developing countries. It will also briefly examine the theory of comparative advantage which is seen as justification for global trade liberalisation under the auspices of the World Trade Organisation. This process is also associated with greater openness, economic interdependence and deepening economic integration with the world economy. The study is important because once again the international institutions strongly advocate trade and financial liberalisation in developing countries. The proponents of trade liberalisation argue that multilateral trade negotiations would achieve these goals, and poor countries particularly would benefit from it. However, such policies may increase vulnerability and make developing countries further hostages of international finance capital. Adoption of open market policies in agriculture would also mean the abandoning of self-reliance and food sovereignty, which may have wider consequences in terms of food shortages, food prices and rural employment.

Item Type: Article
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HF Commerce
Schools: Huddersfield Business School
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Depositing User: Cherry Edmunds
Date Deposited: 05 Apr 2016 08:40
Last Modified: 28 Aug 2021 17:16


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