BOP Problems of Developing Countries and International Division of Labour-Some Theoretical Comments

International Division of Labour Some Theoretical Comments Prabhat Patnaik This paper examines the proposition that, apart from minor modifications such as those arising from the infant industry argument, a regime of universal free trade represents the optimal trade arrangement for each of the participants in international trade Those who advocate trade liberalisation for underdeveloped countries necessarily subscribe to this proposition implicitly, though it is rarely, if even spelt out in theoretical terms.