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Home / Journals / International Journal of Business and Economics Research / Trade and Trade Policy in Newly Industrializing Countries
Trade and Trade Policy in Newly Industrializing Countries
Lead Guest Editor:
Dejana Gajinov
Center for Global Economic Development, Belgrade, Serbia
Guest Editors
Biljana Jovanovic Gavrilovic
Faculty of Economics, University of Belgrade
Belgrade, Serbia
Mancheno Ponce Diego Xavier , Dean
Facultad de Economia, Pontificia Universidad Catolica del Ecuador
Quito, Ecuador
Jasmina Osmankovic
Faculty of Economics, University of Sarajevo
Sarajevo, Bosnia and Herzegovina
Ljubinka Joksimovic
Faculty of Economics, University of Belgrade
Belgrade, Serbia
Alexandre Macchione Saes
Departamento de Economia, University of São Paulo
São Paulo, Brazil
Guilherme Grandi
Departamento de Economia, University of São Paulo
São Paulo, Brazil
Meeta Keswani Mehra
Centre for International Trade and Development, School of International Studies, Jawaharlal Nehru University
Delhi, India
Mohamed Aslam Bin Gulam Hassan
Department of Economics and Administration, University of Malaya
Kuala Lumpur, Malaysia
Francisco Antonio Serrano Camarena
Facultad de Economía, Universidad Autónoma de Coahuila
Saltillo, Mexico
Xavier Rosero
Facultad de Economia, Pontificia Universidad Catolica del Ecuador
Quito, Ecuador
Tokarev Andrey Aleksandrovich
The Institute for African Studies of the Russian Academy of Sciences
Moscow, Russia
Introduction
There is no precise definition of a Newly Industrializing Country (NIC). The term NIC is an economic classification used by economists to represent economies that fail somewhere between a developed country and a developing country. Since 1980s and 1990s the term has waned in favour of the broader concept of emerging economies. Nevertheless, term NIC is mostly connected to the economies achieving industrialization from 1960s through to the 1990s.
Against OECD criteria, 10 countries were generally considered to exhibit NIC characteristics from the early 1960s: Hong Kong, Singapore, South Korea, Taiwan, Mexico, Brazil, Spain, Greece, Portugal and Yugoslavia. Later on, criteria became more specific and besides 4 East Asian NICs, Thailand, Malaysia, Turkey, China, India, Mexico, Brazil, Argentina and South Africa were countries signed by an NIC status. Nowadays, commonly cited NICs include Thailand, Malaysia, Turkey, China, India, Mexico, Brazil, South Africa and Philippines.
Therefore, the first aim of our analysis is to clarify: 1) why so many developing countries never achieve the level of an NIC; 2) why there are those countries which after reaching the level of an NIC regressed instead of advancing to the level of developed country; 3) which were the factors that contribute to achieve an NIC status (and furthermore a developed country status); 4) what differentiates Asian NICs from other NICs; and 5) whether there are likely to be more NICs emerging over time or this is very unlikely.
This brings us to the next level of analysis: the role of trade and trade policy. As a factor of success (or failure), export and trade policy are important in all countries in the world, not depending on their phase of development.
In this sense, we have the following objectives in our analysis: 1) the importance of trade and trade policy as a factor of growth; 2) different theoretical standpoints of view regarding the above – who seems to be right; 3) are the export growth rate and export contributions to the GDP the only important indicators of achieved NIC status or the structure of export is equally or more important; 4) which are policy prescriptions needed to achieve impressive export performances that will lead to sustainable growth and development; 5) the role of trade liberalization VS the role of international demand (changes in the international economic environment in last decades); and 6) new form of South-South regionalism: market-driven integration in context of NICs.
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