Governments in various countries, irrespective of the country׳s level of economic growth, seek to initiate macroeconomic policies towards achieving better economic performance in order to advance level of business activities and ultimately, ensure better quality of life for the people. To...

In the 1950s, many economists believed that import substitution - policies to restrict imports of manufactured goods - was the best trade strategy to promote industrialization and economic growth in developing countries. By the mid-1960s, there was widespread disenchantment with the results of...