THE PAKISTAN DEVELOPMENT REVIEW
Trade Liberalization, Protectionism and Interdependence: Gatt Studies in International Trade.—By Richard Blackhurst, Nicolas Marian and Jan Tumlir. Geneva: General Agreement on Tariffs and Trade. November, 1977. pp.79.
The study under review is a brief account of issues concerning trade liberalization and protectionism. The authors have extensively argued in favour of free trade and have heavily criticized the protectionist policies presently adopted by different nations. The report is divided into three sections. In section I the main trends in production and trade from World War II to the present have been reviewed. The three post-war decades experienced unprecedented rates of economic growth and prosperity. The three major factors which are responsible for this impressive expansion of post-war trade are listed by the authors as “institutional development, technological innovations and demographic trends”. In particular the liberalization of international trade, investment and the freeing of the world economy from the constraints imposed by the self-destructive nationalistic policies of the 1930’s have played a major role in this development.