More than half the world's sovereign states are small economies. The majority are developing countries in sub-Saharan Africa and the Caribbean Basin. The globalization process poses special challenges for small economies because of their vulnerability and lack of diversification. How should they overcome the limitations of smallness and become better integrated into the world economy? How should they take advantage of the opportunities resulting from globalization while avoiding the pitfalls? Opening the economy is widely recommended, but there are important risks for which policy-makers need to define a balanced response. This book discusses the main strategies or options for small developing economies towards better integration into the world economy. They include membership of the World Trade Organization and unilateral economic liberalization. Another important strategy is regional integration among developing countries. Many small states also continue to rely heavily on special trade arrange-ments with industrial countries. Recently a lot of attention has been paid to quite a different strategy: North-South integration with reciprocal obligations. In practice, the strategies are not mutually exclusive, but must be combined into a coherent policy package for maximum advantage.
Author(s): Walter Kennes
Year: 2000
Language: English
Pages: 216
Contents......Page 2
Preface and Acknowledgements......Page 4
List of Tables and Figures......Page 5
List of Abbreviations......Page 6
1 Introduction......Page 10
2 WTO Membership What’s in It for Small Developing Countries......Page 21
3 Unilateral Economic Liberalization......Page 39
4 South South Regionalism......Page 54
5 Non Reciprocal Arrangements with Industrial Countries......Page 91
6 North South Regionalism......Page 113
7 Summary and Conclusions......Page 137
Appendix A Regional Integration Arrangements Involving Developing Countries......Page 151
Notes......Page 180
References......Page 197
Index......Page 204
