Countries pass through different stages of structural transformation. In the early stage of development, economic activity is dominated by agriculture and mining. As a country develops, firms adopt new technology and move toward industrialization and faster economic growth. Eventually, the...

While openness to trade is a well-recognized hallmark of the Asian growth model, another component of the model is a leapfrogging strategy - the use of policies to guide industrial structural transformation ahead of a country's factor endowment. Does the leapfrogging strategy work? Opinions vary...

This volume offers a rousing defense of pro-free-trade policies and their benefits for developing countries. Through cross-country evidence and detailed case studies, Arvind Panagariya demonstrates the need for trade openness for sustained growth and poverty alleviation.

This volume offers a rousing defense of pro-free-trade policies and their benefits for developing countries. Through cross-country evidence and detailed case studies, Arvind Panagariya demonstrates the need for trade openness for sustained growth and poverty alleviation.

The central theme of this paper is that sustained rapid growth cannot be achieved without rapid growth in trade. A review of the experience during the past four decades offers virtually no examples of countries achieving sustained rapid growth - called miracles in this paper - without...