Concluding, it appears that the evolution of trade theory, from old trade doctrines to the NTT,
has impacted policy at two levels. The first relates to the continuing support of the free trade
doctrine to determine policy for developing areas. As is expected, the push comes from the
advanced nations, both at the intergovernmental level and at multilateral institutions like the
IMF and the WTO. The second impact of trade theory relates to policies pursued by the
advanced nations, which relies considerably on the NTT doctrines of strategic trade. The uneven
power relations between the rich and poor nations of the world permits a continuation of this
asymmetrical combination of policies, to which trade theory unfortunately has contributed
much. Much of the preoccupation of the policymakers with the micro-theoretic formulations of
trade theory, both old and new, are related to a total neglect of the macroeconomic issues
relating to the national as well as the world economy. One only expects that the new theories,
which are yet to come up, will address some of these limitations.
Concluding, it appears that the evolution of trade theory, from old trade doctrines to the NTT,has impacted policy at two levels. The first relates to the continuing support of the free tradedoctrine to determine policy for developing areas. As is expected, the push comes from theadvanced nations, both at the intergovernmental level and at multilateral institutions like theIMF and the WTO. The second impact of trade theory relates to policies pursued by theadvanced nations, which relies considerably on the NTT doctrines of strategic trade. The unevenpower relations between the rich and poor nations of the world permits a continuation of thisasymmetrical combination of policies, to which trade theory unfortunately has contributedmuch. Much of the preoccupation of the policymakers with the micro-theoretic formulations oftrade theory, both old and new, are related to a total neglect of the macroeconomic issuesrelating to the national as well as the world economy. One only expects that the new theories,which are yet to come up, will address some of these limitations.
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