Free Trade or Trade Management

概要

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The recent outbursts in the United States and Britain against the movements of job to India though business process outsourcing is the lesson for`free-trader'who has propagated the virtues of free trade to the developing countries to open up their economies to the unrestricted imports from the developed world. Although the developed countries preach free trade doctrine, they hardly practice it. Tariffs and non-tariff restrictions. Thus, by pressing upon removals of subsidies in agricultural and improved market access for industrial goods, developing countries are digging their own graves. Since 1945,European countries, both western and eastern, along with Japan, have made rapid economic progress through systematic economic planning, industrial policy, and in general a protected and managed foreign trade regime, which are abhorrent for the Anglo-Saxon economics. That is the reason neither the European Economic Community nor Japan is willing to part with a system, which has provided them so much for the last fifty years. The poor countries, rather than accepting the failed doctrine of`free trade'of the unreal Anglo-American economics, should, in this situation, follow the European countries and impose a managed and balanced foreign trade system.