Title: The Choice of a Development Strategy: Lessons and Prospects
Abstract: This chapter presents the lessons and prospects from choice of a development strategy. Countries applying outward oriented development strategies performed better in terms of exports, economic growth, and employment than countries with continued inward orientation, which encountered increasing economic difficulties. At the same time, policy reforms aimed at greater outward orientation brought considerable improvement to the economic performance of countries that had earlier applied inward-oriented policies. The reliance on private initiative in countries that adopted an outward-oriented development strategy can be explained by the need of exporters for flexibility to respond to changing world market conditions. Government cannot take responsibility for successes and failures in exporting that will affect the profitability of firms. Outward orientation involves increasing the share of exports in gross national product, and the high share of exports in the national economies of countries undertaking such a strategy has been said to increase their vulnerability to foreign events.
Publication Year: 1982
Publication Date: 1982-01-01
Language: en
Type: book-chapter
Indexed In: ['crossref']
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