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Developing Countries in the World Trading System: From GATT, 1947, to the Third Ministerial Meeting of WTO, 1999
Author(s) -
Srinivasan T.N.
Publication year - 1999
Publication title -
world economy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.594
H-Index - 68
eISSN - 1467-9701
pISSN - 0378-5920
DOI - 10.1111/1467-9701.00247
Subject(s) - citation , library science , world trade , political science , sociology , economics , international trade , computer science
The debate on the role of openness to international flows of goods, technology and capital in the development process is as old as economics. After all, Adam Smith praised the virtues of openness and competition in The Wealth of Nations. A moment's reflection should be enough to convince anyone that the sources of economic development are essentially three: the growth in inputs of production, improvements in the efficiency of allocation of inputs across economic activities, and innovation that creates new products, new uses for existing products, and brings about increases in the efficiency of use of inputs.