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9781848448148

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'This book breaks out of the standard distinction between free tradeA and protectionismA , and shows how to think constructively about trade policy as an instrument of national economic strategy. It is highly recommended for those who wish to think beyond orthodoxy, and especially for those in developing countries who wish to influence negotiations with developed countries and western-based international organisations.' - Robert Wade, London School of Economics, UK 'This is a gem of a book. Based on deep understanding of diverse economic theories and empirical evidence, it offers us a succinct but highly informative overview of the controversies surrounding the impact of trade policy on growth, inequality, and macroeconomics.' - Ha-Joon Chang, University of Cambridge, UK, and Author of Kicking Away the Ladder, and Bad Samaritans 'Free-trade fundamentalism is gradually making way for a more nuanced and historically well-informed understanding of the role that trade policy plays in economic development. Thirlwall and Pacheco-Lopez provide an excellent review of the relevant literature as well as a sophisticated critique of the earlier, simplistic views. As they explain, it is the details - the timing, sequencing, and context - that determine whether liberalization will succeed.' - Dani Rodrik, Harvard University, US 'This book will infuriate the free trade ultras who believe that liberalisation is the answer to every problem - and a good thing too. The real world, as Thirlwall and Pacheco-Lopez show clearly and vividly, is different from the world of theoretical models so beloved by today's economic orthodoxy, and they take delight in tweaking the noses of the Washington consensus. History suggests they are right to argue that managed trade is better for developing countries than swallowing large doses of free-trade medicine.' - Larry Elliott, The Guardian

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The late A.P. Thirlwall, formerly Professor of Applied Economics, University of Kent, Canterbury, UK and Penélope Pacheco-López, Economic Consultant

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