Problem

1. The generalized system of preferencesis intended to help developing nations gain access to world markets. Explain.

2. How are import-substitution and export promotion policies used to aid in the industrialization of developing nations?

3. Describe the strategy that East Asia used from the 1970s to the 1990s to achieve high rates of economic growth. Can the Asian miracle continue in the new millennium?

4. How has China achieved the status of a high performing Asian economy? Why has China's normal-trade-relation status been a source of controversy in the United States? What are the likely effects of China's entry into the WTO?