Does the New International Trade Regime Leave Room for Industrialization Policies in the Middle-income Countries?

Since the existence of the World Trade Center (WTO), member governments are limited in choices when conducting domestic industrial policy, which particularly affects mid-technology countries on the verge of industrialization such as the examples of Brazil and the Republic of Korea. The Washington Consensus advocates development through poverty alleviation, free markets, and foreign investment, which compose some of the stringent constraints of...