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About the Book Trade policy is at a crossroads, as is trade diplomacy, in the form of trade negotiations under the auspices of the World Trade Organization (WTO). The traditional import substitution industrialization (ISI) strategies, which prevailed during 1950s till 70s failed. Across-the-board trade liberalization, recommended by the International Financial Institutions (IFIs) and neoliberal scholars in the 1980s and 1990s to promote outward-oriented industrialization and development, fared no better. What is next? Drawing on the experiences of developing countries in trade liberalization and economic reform in recent years, as well as the history of those countries which underwent early industrialization, this paper aims to develop an alternative approach to trade and industrial policy by taking a bottom-up approach. The author presents a national policy framework (that is, a view of what is needed at the national level to catch up in the process of industrialization) and, on that basis, argues for changes in international rules. S M SHAFAEDDIN is a (former) senior economist in the Macroeconomics and Development Policies Branch, Globalization and Development Strategy Division, of the United Nations Conference on Trade and Development (UNCTAD). He is the author of many books and articles on trade policy, including the book Trade Policy at the Crossroads: Recent Experience of Developing Countries (Palgrave Macmillan, 2005). The author can be contacted at: MShafaM@Netscape. Contents 1 Why is an Alternative Approach Needed? 2 The Alternative Approach Development-oriented trade policy International market structure and country specifity Co-ordination of economic activities Nature of trade and industrial policies The limited role of devaluation FDI and capital flows The role of other factors 3 Policy Implications for the International Community References Contact Third World Network at 131 Jalan Macalister, 10400 Penang, Malaysia. Tel: 04-2266159 Fax: 604-2264505 Email us for further information
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