Trade Liberalization and Economic Development: A Critical Review

Siddiqui, Kalim

doi:10.1080/08911916.2015.1095050

Cited by 28 publications

(28 citation statements)

References 14 publications

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“…However, after the War, these pre-war promises were ignored. They proved unwilling to end their colonial domination and even tried to increase this by increasing the levels of economic subordination and capital investment in their colonies (Siddiqui 2015a). These intentions became clear at the Paris Peace Conference, as did their desires to take possession of new territories, which had been the colonial possessions of the defeated powers.…”

Section: The Economic Situation In the Coloniesmentioning

confidence: 99%

The Bolshevik Revolution and the Collapse of the Colonial System in India

Siddiqui

2017

International Critical Thought

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This article discusses some of the key contributions of the Bolshevik Revolution to the colonial nations such as India and puts them into historical context. It argues that the Bolshevik revolution and its leaders, especially V.I. Lenin should be recognised as making a major contribution to the anti-colonial struggle and the fight to achieve equality in the community of world of nations. This article then points out how Lenin has provided assistance to the struggle to achieve freedom and end to colonialism. He wrote in support of the people who were oppressed for centuries in the colonies and also invited them to Moscow and discussed with them about their situation. Colonialism produced economic backwardness in India and British colonial rule led to the huge change in the Indian economy to fit the interests of British ruling elites i.e. merchants and industrialists. The study concludes that the Bolshevik Revolution dealt a significant blow to the imperialist countries. Despite the collapse of Soviet Union, there is no doubt that the Bolshevik revolution had changed the world history. It made de-colonisation possible and contributed to the defeat of fascism.

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Section: The Economic Situation In the Coloniesmentioning

confidence: 99%

The Bolshevik Revolution and the Collapse of the Colonial System in India

Siddiqui

2017

International Critical Thought

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“…This did help financial stability even during the global financial crisis of the 2008. (Siddiqui, 2015a) To reduce the frequency of financial crises, following heterodox economic logic, an increase in the use of controls on capital inflows by developing countries represents a sensible policy option. These controls could be applied by a number of methods such as limiting inflows or prohibition of capital entry into a country.…”

Section: Capital Controls: An Analysis Of the Experience And A Crimentioning

confidence: 99%

“…LEDCs were unable to repay the foreign currency-denominated debt they had acquired. (Siddiqui, 2015a) The East Asian financial crisis of 1997 and more recently the global financial crisis of 2008 further illustrate the dangers associated with increased financialisation, free capital mobility and weak regulation. These were the ingredients of a dangerous cocktail for LEDCs.…”

Section: Capital Controls: An Analysis Of the Experience And A Crimentioning

confidence: 99%

“…Indian banks have been active in financial intermediation but the nonfinancial productive sector has lacked alternative sources of funding. (Siddiqui, 2015a) In India, compared to the developed countries, capital markets are not sufficiently developed and thus there seems to be a basis for capital account liberalization.…”

Section: Capital Controls: An Analysis Of the Experience And A Crimentioning

confidence: 99%

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Capital control reconsidered: financialisation and economic policy

Siddiqui

Armstrong

2017

International Review of Applied Economics

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First, we examine the nature of capital controls and their impact on selected countries. We provide a critique of IMF policy and an examination of its results in practice. We then show how the warning signs of the 1970s were ignored and the consequences became apparent during the ensuing period of neoliberal hegemony. We present a summary of the neo-classical arguments concerning the role of increased capital mobility in promoting growth and development. Our objectives are first, to show that, in practice, it may be that promoting increased capital mobility is counterproductive as it reduces macroeconomic 'policy space' and restricts the state's ability to use fiscal and monetary policy to enhance welfare. Second, we introduce and use a development of the international policy 'trilemma' in the form of a variant of the idea of the 'quadrilemma' 1 in order to underpin our policy suggestions. We suggest that, in most cases, the key policy driver in the promotion of economic growth is fiscal policy but it may be that its unconstrained use (and that of monetary policy) is not possible either under fixed exchange rates or when free capital mobility exists; in fact, a nation may face a 'demiquadrilemma. We contend that, in practice, a country can only adopt 'two from four'; if it chooses to retain free use of monetary and fiscal policy it must sacrifice both fixed exchange rates and capital mobility. We hope to demonstrate that a nation facing the 'demi-quadrilemma' should discard both the use of fixed exchange rates and the acceptance of free capital mobility in order to allow the retention of requisite monetary and fiscal policy space and that a multinational approach to the design of capital control policy would be an effective contributor to a strategy designed to enhance growth and development.

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“…In line with globalization, many industrialized countries supported by international institutions promoted trade liberalization policy as a policy recommendation for all countries, both developed and developing ones. However, not everyone agrees that trade liberalization is a good policy option for every country (Stiglitz and Charlton, 2005;Reinert, 2007, Siddiqui, 2015. Many non-governmental organization have opposed it as seen in the people rallies held outside many international forum.…”

Section: Introductionmentioning

confidence: 99%

Trade Liberalization, Consumption, and Real Exchange Rate in Seven ASEAN+6 Countries

Setiawan¹

2017

JEBS

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Trade liberalization has been mushrooming in the globalization era. The trade liberalization policy adoption by one country will be followed shortly by another. Although trade liberalization policy is strongly advocated by international organizations, a few prominent economists argue there is no ‘one fits for all’ policy. Thus, the policy effect altogether with other relevant aspects still needs to be explored in case by case basis, including ASEAN+6 regions. This paper is intended to analyze the relationship of trade liberalization and consumption on the real exchange rate in seven ASEAN+6 countries – the most dynamic region during period 2000 – 2011, a period covering subprime mortgage crisis. With data panel approach, the paper investigates the relationship of trade liberalization and consumption on real exchange rate while taking into account level of country’s income and crisis effect. The resulted model finds significant relationship in the overall and individual effect of tariff and terms of trade change as proxies of trade liberalization, consumption, level of country’s income, and subprime mortgage crisis on real exchange rate.

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Trade Liberalization and Economic Development: A Critical Review

Cited by 28 publications

References 14 publications

The Bolshevik Revolution and the Collapse of the Colonial System in India

The Bolshevik Revolution and the Collapse of the Colonial System in India

Capital control reconsidered: financialisation and economic policy

Trade Liberalization, Consumption, and Real Exchange Rate in Seven ASEAN+6 Countries

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