Maybe this would be better: Name a large economy that made a transition from poor/agricultural to prosperous/industrial through the removal of trade barriers and liberalisation of the economy.
Jagdish Bhagwati defines it as "Freer Trade". Thus economist understand the importance of trade for increasing the wealth of nations, but to say all barriers should be removed may not make sense especially in a developing country that has no market control of its own.
It may be hard for me to describe it but he also talks about whether the government and industry is outward directed or whether it is inward directed. Much as many countries have tried Import Substitution with poor results. It is very hard for a government to pick winners and losers.
Jagdish talks about the growth occurring in both India and China after they started policies that were outward directed. ------------------------------ Rutherfordian RDRutherford
I have not seen the debate between Bhagwati and Joseph Stiglitz, but after reading some of both of them, I really do not see much difference in their opinions. ------------------------------ Rutherfordian RDRutherford
