John Whalley’s analysis of the recent shift towards external sector liberalisation in developing countries emphasises the importance of both the intellectual and the historical environment. An important part of this environment is the widely perceived failure of the alternative policy of import substitution. Rather than bringing about the strong non-inflationary growth that its proponents predicted three decades ago, import substitution has become increasingly associated with decreased efficiency and with government by bureaucracy.
KeywordsOECD Hine Venezuela
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