Abstract—This paper examines how export oriented industrialization policies or policies promoting greater national income from trade can really transform the economy and eventually help countries reach the highest stage of economic development over a period of time. Based on verifiable empirical evidence this paper shows how the export based economies changed over a period of time due to policies they adopted and how those policies achieved two-dimensional unmatched economic advancement and human development. Finally this paper systematically presents in broad sense what polices should be designed by low-income countries in order to boost and help them realize their potential that ultimately help these countries to move onto the path of economic development.
Research Writer, MA Economics, India
Cite: Muhammad Faraz, "Trade and Economic Development," International Proceedings of Economics Development and Research vol. 79, pp. 36-44, 2014.