A perennial case for industrial policy is based on the protection of young or emerging industries. Despite a natural association with concepts of life cycles, industrial policy has not been analyzed in the context of an industry life-cycle model. In particular, an important life-cycle...

This paper considers the implications of having trade and investment liberalization occur at different points in time. It is found that such a sequencing can be detrimental to the process of liberalization, but can never be beneficial. In particular, it is possible to find distributions of...