In spite of all protestations and exhortations it is a fact that trade liberalization, the modern version of free trade, is caught in a crisis. Professor Detlef Lorenz is here analysing the causes of this crisis and suggesting alternatives for a future liberalization policy.

Proponents of the theory of unequal exchange claim that the international division of labour is based on the exploitation of the developing countries by the industrialised countries. But the international division of labour allows the developing countries to import goods which they either could...

The orthodox theory of foreign trade, which is simply a theory of re-allocation, can scarcely do justice to the issues that arise in the context of North-South relations. Its isolation from the problems of world and regional economic development, different trade flows and the transfer of...

Since the end of the Tokyo Round six years ago, mercantilistic elements have affected an increasing proportion of world trade. Theorists and practicians alike consider that GATT, as the trade arm of the international economic order, is now in a lamentable condition and is looking increasingly...

The newly industrialising countries (NICs) in the East Asian region are beginning to be faced with serious problems: problems involved not only in moving from an easy phase of import substitution to a more difficult second stage, but also in progressing from the first to the second more...

The world economy has for some time been characterised by a growing generalised trend towards regionalism. This is often considered to be on a par with the formation of blocs, fragmentation of the trading system and a relapse into the disastrous conditions of the thirties. However, if...

The distinct trends towards regionalisation in the world economy that could be observed in recent years should not be interpreted merely as the formation of economic blocs or “fortresses”. This would amount to adopting a biased, backward-looking approach that sees only the sombre experiences...