a negative effect on their growth. 1 Criticism and counter arguments Theoretical Mainstream economic analysis points out that EOI presupposes that a government contains the relevant market-knowledge enabling it to judge whether or not an industry to be given development subsidies will prove a good investment in the future. As explained in this essay, EOI can be one of the key strategies to register economic growth. He also argued, for a trade policy to function effectively, developing countries have to make sure that, this policy is well integrated with their industrial policy. Export-led growth implies opening domestic markets to foreign competition in exchange for market access in other countries. Department of Economics, Columbia University and Science Policy Research Unit, University of Sussex 1979. 2.1 Trade policy: Appropriate trade policy is one of the key tools used for effective of export oriented industrialization and for economic development, in general. Types of exports There are essentially two types of exports used in this context: manufactured goods and raw materials. Also to exploit a potential comparative advantage requires a significant amount of investment which governments can only supply a limited amount.
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4 Significance Export-led growth is important for mainly two reasons: The first is that export-led growth improves the country's foreign-currency finances, as well as surpass their debts as long as the facilities and materials for the exports exist. Keywords, advanced Country Import Substitution Transnational Corporation Flexible Exchange Rate Cheap Labour. For example, in become rich with binary options 2010, flooding in Thailand led to a shortage of hard drives. 14 The "highly influential" position that "the United States needs higher productivity so that it can compete in todays global economy he wrote, is akin to the person supporting it wearing a flashing neon sign that reads: 'I don't know that I'm talking about'.". In order to promote EOI and ultimately economic development, complementary policies in relation to tariffs, trade, exchange rate, and others need to be adopted and employed. 13 Primary-commodity dependency also links to the weakness of excessive specialization as primary commodities have incredible price volatility, given the inelastic nature of their demand, leading to a disproportionately large change in price given a change in demand for them. These tariffs helped protect fledgling industries from competition with more efficient firms in Britain and may have been the necessary requirement to stimulate economic growth (Suranovic 2002). "Export Oriented Industrialization In Developing Countries.". However, that is an impossible task since, as a matter of trivial logic, it is impossible for all the countries on the planet to become net exporters. Many of the Latin American countries continued with import substitution industrialization, just expanding its scope. Following their path China and India also changed their policy stance in favor of export oriented policies and moved on the high growth trajectories. Industrialization is beneficial for developing countries for many reasons including the following (i) it reduces their vulnerable dependence; (ii) it speeds up their economic growth process; (iii) it modernize the economy through spill over or externalities effects associated with industrialization, from advanced countries; (iv) create.
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