881:. Both Latin American and Asian countries used this strategy at first. However, during the 1950s and 1960s the Asian countries, like Taiwan and South Korea, started focusing their development outward, resulting in an export-led growth strategy. Many of the Latin American countries continued with import substitution industrialization, just expanding its scope. Some have pointed out that because of the success of the Asian countries, especially Taiwan and South Korea, export-led growth should be considered the best strategy to promote development.
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1118:) analysis. There, the investment requirements for state investment, denominated in the national currency, are never operationally constrained; any claim about the "limited" ability of the state to finance expenditures in its own currency is rejected. Neither, Post-Keynesians state, is there a question of the private sector competing with the state for available funds, due to their opinions on hypotheses about "
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to the years after World War II, under-developed and developing countries started to have a hard time economically. During this time, many foreign markets were closed and the danger of trading and shipping in war-time waters drove many of these countries to look for another solution to development.
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that were not present elsewhere, and which allowed for the success of EOI in these nations. Japanese producers, for example, were given preferential access to US and
European markets after World War II. Additionally, some domestic production was explicitly protected from outside competition, for an
1074:
points out that EOI presupposes that a government contains the relevant market-knowledge enabling it to judge whether or not an industry to be given development subsidies will prove a good investment in the future. The ability of a government to do this, it is argued, is probably limited as it will
1157:
Despite its support in mainstream economic circles, EOI's ostensible success has been increasingly challenged over recent years due to a growing number of examples in which it has not yielded the expected results. EOI increases market sensitivity to exogenous factors, and is partially responsible
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In addition, a recent mathematical study shows that export-led growth has wage growth being repressed and linked to the productivity growth of nontradable goods in a country with undervalued currency. In such a country, the productivity growth of export goods is greater than the proportional wage
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One of the main arguments against the assumption of export-oriented policies as potential solutions in a country's problems rests on the tenet that an economic orientation should be applicable to every country, in general and allowing for local conditions. If following an export-oriented path is
813:
is often employed to facilitate exports), and government support for exporting sectors are all an example of policies adopted to promote EOI and ultimately economic development. Export-oriented industrialization was particularly characteristic of the development of the national economies of the
1046:
Manufactured goods are the exports most commonly used to achieve export-led growth. However, many times these industries are competing against industrialized countries' industries, which often have better technology, better educated workers, and more
1181:, where prices for its exports are rising at a slower rate than that of its imports. This is true of many economies aiming to exploit their comparative advantage in primary commodities as they have a long-term trend of declining prices, noted in the
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However, that may not be true of all domestic markets, as governments may aim to protect specific nascent industries so that they grow and can exploit their future comparative advantage, and in practice, the converse can occur. For example, many
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Countries with both unemployment and balance-of-payments problems are supposed, according to the dominant economic paradigm, to orient their policies towards export-led growth aiming to achieve either situation (i) or situation (v).
1294:Ünal, E. (2016) "A Comparative Analysis of Export Growth in Turkey and China through Macroeconomic and Institutional Factors" Evolutionary and Institutional Economics Review. Vol. 13 (1), pp. 57–91. DOI :10.1007/s40844-016-0036-3.
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economic policy. The "highly influential" position that "the United States needs higher productivity so that it can compete in today’s global economy", he wrote, is akin to the person supporting it “wearing a flashing
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to start with. Therefore, this strategy must be well thought out and planned. A country must find a certain export that they can manufacture well, in competition with industrialized industries.
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as primary commodities have incredible price volatility, given the inelastic nature of their demand, leading to a disproportionately large change in price given a change in demand for them.
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extensive period of time and until local business entities had become strong enough to compete internationally. They claim that the protectionist policies are crucial to the success of EOI.
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This claim has been challenged by a minority of non-mainstream economists, who have instead emphasised the very specific historical, political, and legislative conditions in
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growth and the productivity growth of nontradable goods. Thus, export price decreases in the export-led growth country and makes it more competitive in international trade.
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shift unfavorably, a country must export more and more of the raw materials to import the same amount of commodities, making the trade profits very difficult to come by.
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Export-led growth is important for mainly two reasons: The first is that export-led growth improves the country's foreign-currency finances, as well as surpass their
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and subsequent global recession. Similarly, localized disasters can cause worldwide shortages of the products that countries specialize in. For example, in 2010,
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though there are criticisms of this thesis as practical contradictions have occurred. Primary-commodity dependency also links to the weakness of excessive
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as long as the facilities and materials for the exports exist. The second, if more debatable reason, is that increased export-growth can trigger greater
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1304:Ăśnal, Emre (1 June 2016). "A comparative analysis of export growth in Turkey and China through macroeconomic and institutional factors".
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Scholars have claimed that governments in East Asia, nonetheless, did have the ability and the resources to identify and exploit
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1535:"Prebisch-Singer Hypothesis - Dictionary definition of Prebisch-Singer Hypothesis - Encyclopedia.com: FREE online dictionary"
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and better access to the local markets. By implementing that strategy, countries hope to gain enough hard currency to import
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Raw materials are another export option. However, this strategy is risky compared to manufactured goods. If the
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Liebler; Ward, Michael D. (1992). "Export Orientation: Pathway or Artifact?".
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Peddling
Prosperity: Economic Sense and Nonsense in an Age of Diminished Expectations
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beneficial for country A, then it should also be so for country B,
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sign that reads: 'I don't know that I'm talking about'."
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not have occurred through the natural interaction of the
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Economic Growth and the
Balance-of-Payments Constraint.
1472:. Madison: University of Wisconsin Press. p. 187.
1249:"Banking System Developments in the Four Asian Tigers"
1983:
Cooperation
Council for the Arab States of the Gulf
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2004:Economic and Monetary Community of Central Africa
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1952:Customs Union of Belarus, Kazakhstan, and Russia
1936:South Asian Association for Regional Cooperation
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877:The initial solution to this dilemma was called
1306:Evolutionary and Institutional Economics Review
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959:: balance-of-payments equilibrium and growing
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1563:, W. W. Norton & Company: United States,
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2014:West African Economic and Monetary Union
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941:: balance-of-payments equilibrium and
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1378:McCombie, J.S.L., and A.P. Thirlwall.
1691:Import substitution industrialization
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879:import substitution industrialization
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1945:Europe, Central Asia, and North Asia
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1671:Export-oriented industrialization
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1962:European Union Customs Union
1451:, Anthem Press: London, UK,
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1072:Mainstream economic analysis
860:are formed in the process.
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1895:Andean Community of Nations
1773:Bilateral investment treaty
1741:International Monetary Fund
1247:Chan, Huh (8 August 1997).
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1999:East African Community
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739:), sometimes called
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380:
379:
376:
375:
370:
365:
360:
355:
349:
346:
345:
342:
341:
338:
337:
332:
327:
322:
317:
312:
306:
301:
300:
297:
296:
293:
292:
287:
282:
277:
272:
267:
262:
257:
252:
247:
245:Customs duties
242:
237:
232:
227:
222:
217:
215:Trade barriers
211:
206:
205:
202:
201:
198:
197:
192:
190:Domestic trade
187:
182:
177:
172:
167:
162:
157:
155:Trade creation
152:
147:
142:
137:
132:
127:
121:
116:
115:
112:
111:
101:
100:
94:
93:
79:
78:
33:
31:
24:
15:
9:
6:
4:
3:
2:
2262:
2251:
2248:
2246:
2243:
2242:
2240:
2225:
2217:
2215:
2207:
2206:
2203:
2197:
2194:
2192:
2189:
2187:
2184:
2182:
2179:
2177:
2174:
2172:
2169:
2167:
2164:
2162:
2159:
2157:
2154:
2152:
2151:Photovoltaics
2149:
2147:
2144:
2142:
2139:
2137:
2134:
2132:
2129:
2127:
2124:
2122:
2119:
2117:
2114:
2112:
2109:
2107:
2104:
2102:
2099:
2097:
2094:
2092:
2089:
2087:
2084:
2082:
2079:
2077:
2074:
2072:
2069:
2067:
2064:
2062:
2059:
2057:
2054:
2052:
2049:
2047:
2044:
2042:
2039:
2037:
2034:
2033:
2031:
2029:
2025:
2015:
2012:
2010:
2007:
2005:
2002:
2000:
1997:
1996:
1994:
1990:
1984:
1981:
1979:
1976:
1975:
1973:
1969:
1963:
1960:
1958:
1955:
1953:
1950:
1949:
1947:
1943:
1937:
1934:
1932:
1929:
1927:
1924:
1923:
1921:
1917:
1911:
1908:
1906:
1903:
1901:
1898:
1896:
1893:
1892:
1890:
1886:
1883:
1881:
1877:
1871:
1868:
1865:
1861:
1857:
1856:Protectionism
1854:
1852:
1849:
1846:
1842:
1841:
1836:
1832:
1829:
1828:
1826:
1824:
1820:
1814:
1811:
1809:
1808:Trade barrier
1806:
1804:
1801:
1799:
1796:
1794:
1791:
1789:
1786:
1784:
1781:
1779:
1776:
1774:
1771:
1769:
1766:
1762:
1759:
1758:
1757:
1754:
1752:
1749:
1747:
1744:
1742:
1739:
1738:
1736:
1731:Organizations
1728:
1722:
1719:
1717:
1714:
1712:
1711:Trade justice
1709:
1707:
1704:
1702:
1699:
1697:
1694:
1692:
1689:
1687:
1686:Globalization
1684:
1682:
1679:
1677:
1674:
1672:
1669:
1667:
1664:
1662:
1659:
1657:
1654:
1652:
1649:
1647:
1644:
1642:
1639:
1638:
1636:
1632:
1628:
1621:
1616:
1614:
1609:
1607:
1602:
1601:
1598:
1589:
1588:
1587:The Economist
1583:
1577:
1570:
1566:
1562:
1561:
1556:
1555:Krugman, Paul
1551:
1549:
1540:
1536:
1530:
1522:
1518:
1514:
1507:
1501:
1497:
1493:
1492:
1487:
1482:
1480:
1471:
1464:
1458:
1457:9780857282521
1454:
1450:
1449:
1444:
1439:
1432:
1428:
1423:
1416:
1412:
1407:
1400:
1397:
1393:
1388:
1381:
1375:
1373:
1371:
1362:
1358:
1354:
1350:
1347:(3): 331–43.
1346:
1342:
1335:
1327:
1323:
1319:
1315:
1311:
1307:
1300:
1291:
1284:
1278:
1276:
1274:
1258:
1254:
1250:
1243:
1239:
1232:
1230:
1229:net exporters
1226:
1225:
1213:
1211:
1206:
1205:foreign-trade
1202:
1198:
1194:
1190:
1188:
1184:
1180:
1175:
1173:
1169:
1165:
1161:
1150:
1147:
1142:
1140:
1136:
1131:
1129:
1125:
1121:
1117:
1113:
1108:
1106:
1102:
1098:
1094:
1090:
1086:
1082:
1078:
1077:market forces
1073:
1059:
1057:
1052:
1050:
1044:
1042:
1041:raw materials
1038:
1028:
1023:
1008:
993:
978:
963:
962:
945:
944:
926:
919:
912:
910:
901:
898:
896:
892:
882:
880:
875:
865:
861:
859:
855:
851:
847:
843:
839:
837:
833:
829:
825:
821:
817:
812:
808:
804:
800:
795:
793:
789:
783:
781:
777:
773:
769:
766:
762:
758:
754:
750:
746:
742:
738:
734:
723:
718:
716:
711:
709:
704:
703:
701:
700:
693:
690:
688:
685:
683:
680:
678:
675:
673:
670:
668:
665:
663:
660:
658:
655:
653:
650:
648:
645:
643:
640:
638:
635:
633:
630:
629:
623:
622:
615:
612:
610:
607:
605:
602:
600:
597:
595:
592:
590:
589:United States
587:
585:
582:
580:
579:Trade mission
577:
576:
573:
568:
567:
560:
557:
555:
552:
550:
547:
545:
542:
540:
537:
536:
533:
528:
527:
520:
517:
513:
510:
508:
505:
503:
500:
499:
497:
495:
492:
490:
487:
485:
484:Trade justice
482:
480:
477:
475:
474:Globalization
472:
470:
467:
465:
462:
460:
457:
455:
452:
450:
447:
446:
440:
439:
432:
429:
427:
424:
422:
419:
417:
414:
412:
411:Single market
409:
407:
406:Customs union
404:
402:
399:
397:
394:
392:
389:
388:
382:
381:
374:
371:
369:
366:
364:
361:
359:
356:
354:
351:
350:
347:Organizations
344:
343:
336:
333:
331:
328:
326:
323:
321:
320:Laissez-faire
318:
316:
315:Protectionism
313:
311:
308:
307:
304:
299:
298:
291:
288:
286:
283:
281:
278:
276:
273:
271:
268:
266:
263:
261:
258:
256:
253:
251:
248:
246:
243:
241:
238:
236:
233:
231:
230:Import quotas
228:
226:
223:
221:
218:
216:
213:
212:
209:
204:
203:
196:
193:
191:
188:
186:
183:
181:
178:
176:
175:Trade finance
173:
171:
168:
166:
163:
161:
158:
156:
153:
151:
148:
146:
143:
141:
138:
136:
133:
131:
128:
126:
123:
122:
119:
114:
113:
107:
103:
102:
99:
96:
95:
92:
90:
85:
84:
75:
72:
64:
54:
50:
46:
40:
39:
34:This article
32:
23:
22:
19:
2126:Live animals
2106:Gas turbines
1919:Asia-Pacific
1851:Mercantilism
1838:
1733:and policies
1670:
1585:
1576:
1558:
1538:
1529:
1523:(4): 355–71.
1520:
1516:
1506:
1489:
1469:
1463:
1446:
1438:
1422:
1406:
1387:
1379:
1344:
1340:
1334:
1312:(1): 57–91.
1309:
1305:
1299:
1290:
1282:
1260:. Retrieved
1252:
1242:
1222:
1219:
1201:productivity
1197:Paul Krugman
1191:
1176:
1156:
1143:
1132:
1120:crowding out
1109:
1070:
1053:
1045:
1034:
1025:
1009:
994:
979:
964:
961:unemployment
946:
928:
920:
913:
902:
899:
895:productivity
888:
885:Significance
871:
862:
841:
840:
836:World War II
834:in the post-
809:of national
801:barriers, a
796:
784:
756:
752:
748:
744:
740:
736:
732:
731:
502:Currency war
421:Fiscal union
310:Mercantilism
208:Restrictions
164:
86:
67:
58:
35:
18:
2131:Natural gas
2096:Electronics
2091:Electricity
1701:Outsourcing
1634:Terminology
1172:hard drives
1067:Theoretical
911:constraint
854:commodities
828:South Korea
807:devaluation
507:Trade costs
469:Outsourcing
185:Trade route
98:World trade
2239:Categories
2171:Telephones
1835:Adam Smith
1831:Free trade
1813:Trade bloc
1788:ATA Carnet
1676:Fair trade
1089:investment
814:developed
788:East Asian
572:By country
479:Fair trade
325:Free trade
275:Safeguards
150:Trade bloc
145:Trade pact
45:improve it
2066:Computers
2051:Car parts
2046:Aluminium
1783:Incoterms
1716:Trade war
1429:(2011). "
1413:(2014). "
1394:(2014). "
1326:156910737
1195:laureate
1153:Empirical
1146:East Asia
1112:heterodox
872:From the
850:subsidies
824:Singapore
820:Hong Kong
776:exporting
594:Argentina
512:Trade war
454:Smuggling
140:Trade law
61:July 2012
49:verifying
2214:Category
2186:Vehicles
2176:Textiles
2121:Iron ore
2086:Diamonds
1910:Mercosur
1888:Americas
1557:(1994).
1488:(2007).
1445:(2013).
1262:25 April
838:period.
811:currency
797:Reduced
765:economic
599:Pakistan
89:a series
87:Part of
2224:Commons
2101:Engines
1864:Autarky
1571:, p.280
1361:2600776
1216:Logical
1049:capital
868:Origins
792:imports
759:, is a
609:Vietnam
604:Romania
549:Tariffs
544:Exports
539:Imports
303:History
270:Embargo
260:Bribery
220:Tariffs
43:Please
2250:Export
2181:Trucks
2141:Petrol
2081:Cotton
2071:Copper
2061:Coffee
1706:Tariff
1567:
1498:
1455:
1399:basics
1359:
1324:
1010:(vi) y
995:(v) y
980:(iv) y
965:(iii)y
947:(ii) y
929:(i) y
832:Taiwan
830:, and
799:tariff
768:policy
755:), or
626:Theory
443:Issues
130:Export
125:Import
118:Policy
2191:Wheat
2161:Steel
2156:Ships
1357:JSTOR
1322:S2CID
1235:Notes
1193:Nobel
1018:<y
1014:>y
999:>y
988:<y
984:<y
969:<y
955:<y
891:debts
761:trade
614:India
532:Lists
2196:Wine
2111:Gold
2076:Corn
2056:Coal
1565:ISBN
1496:ISBN
1453:ISBN
1264:2024
1210:neon
1203:and
1093:LDCs
1039:and
763:and
498:War
2136:Oil
1584:",
1349:doi
1314:doi
1079:of
805:(a
753:ELI
747:),
745:ESI
737:EOI
195:Tax
47:by
2241::
1862:,
1843:,
1837:,
1547:^
1537:.
1521:10
1519:.
1515:.
1478:^
1369:^
1355:.
1345:36
1343:.
1320:.
1310:13
1308:.
1272:^
1255:.
1251:.
1231:.
1174:.
1141:.
1107:.
1043:.
1003:=y
973:=y
951:=y
937:=y
933:=y
826:,
822:,
818::
91:on
1866:)
1858:(
1847:)
1833:(
1619:e
1612:t
1605:v
1580:"
1541:.
1433:"
1417:"
1401:"
1363:.
1351::
1328:.
1316::
1266:.
1020:C
1016:A
1012:B
1005:C
1001:A
997:B
990:C
986:A
982:B
975:C
971:A
967:B
957:C
953:A
949:B
939:C
935:A
931:B
923:C
921:y
916:A
914:y
905:B
903:y
751:(
743:(
735:(
721:e
714:t
707:v
74:)
68:(
63:)
59:(
41:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
