Chapter 8 Development and trade
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The poor countries must diversify into the secondary and tertiary sectors in order to escape the deterioration in their terms of trade. Prebisch and Singer believed that agriculture was not enough to pay for growth and development. Since industrialisation depends on markets, import-substitution which relies on domestic take-up in the sense of Hamilton and List is one possibility. Another is export-led growth that has been practiced so successfully in East and South-East Asia. Both require a considerable measure of state intervention.

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