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This is the text of the Raul Prebisch Lecture, given at UNCTAD IX in Johannesburg on 29th April 1996.
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The question of Preferential Trading Areas, as we should call them in preference of the misleading phrase "Free Trade Areas" (and Customs Unions) which falsely equates them in the public mind and discourse with nonpreferential Free Trade, has never been distant from international economists'...
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