The Impact of the Global Economic Crisis on Industrialization of Least Developed Countries Mehdi Shafaeddin

The financial crisis and the resulting global economic crisis is a wake-up call for LDCs and other developing countries to reconsider the “market-oriented” approach to industrial and development strategies. Debunking the “one-size-fits-all” strategy, the author recommends some common as well as specific policy proposals for industrial development of various LDCs. Further, in order to avoid the risk of human tragedy, particularly in Sub-Saharan countries, he argues for changes in the WTO rules, reconsideration of policies of IFIs towards LDCs, and resistance to the proposed Economic Partnership Agreements (EPAs).

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