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Q. "Trade liberalization could precede capital account liberalization." Discuss.
Answer: It is probably true. The issue is associated to the theory of second best and the proper sequence of reform measures.
1.concepts of terms of trade,factors affecting terms of trade. 2.gross & net barter terms of trade. 3.terms of trade & economic development
Critically evaluate the theory and outline the necessary assumptions for the theory to hold in it''s purest form
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