Economic Development under Alternative Trade Regimes

How does openness affect economic development? This question is answered in the context of a dynamic general equilibrium model of the world economy, where countries have technological differences that are both sector-neutral and specific to the investment goods sector. Relative to a benchmark case of trade in credit markets only, consider (i) a complete restriction of trade, and (ii) a full liberalization of trade. The first change decreases the cross-sectional dispersion of incomes only slightly, and produces a relatively small welfare loss. The second change, instead, decreases dispersion by a significant amount, and produces a very large welfare gain.

Balancing Economic Development with Environmental Conservation: Challenges Facing the North and South

This paper critically explores how development policies tend to ignore pressing environmental concerns. In the first section development in the North and South and the Bhopal disaster will be juxtaposed to show how development without environmental governance can be deadly. The article then turns to the way in which the Sri Lankan government’s Moragahakanda Development Project strives for economic development without concern for the environment. It will be contended in this article that governments and big companies in the North and South have tended to carelessly use scarce resources for development.

Industrialization and industrial policy in Colombia: a tale of economic development

This paper analyzes the main features and historical factors that played a central role for the industrialization process in Colombia during the twentieth century. The document surveys the legislation and policy instruments used in the programs of import substitution industrialization, nontraditional export promotion, and economic openness