Unilateral Tariff Liberalisation
May 31, 2012 at 04:20 AM EDT
In the late 1980s, developing nations that had eschewed all forms of liberalisation began to cut their import tariffs unilaterally. This column explains how the communication-technology revolution was the shock that altered the political-economy equilibrium against infant-industry protection and in favour of joining international supply chains which involved tariff liberalisation. For most of the post-war [...]