By Bela Balassa (auth.)
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Sample text
These results obtained despite the fact that inward-oriented developing countries borrowed heavily abroad, since the borrowed funds were generally not utilized efficiently. In particular, slow increases in exports led to a substantial rise in the debt-export ratios of inward-oriented countries while this ratio remained approximately unchanged in outward-oriented countries. Correspondingly, increases in world interest rates bore greatly on inwardoriented developing countries, necessitating the application of deflationary policies that led to stagnation in their per capita incomes in the 1979-82 period.
Chile, Uruguay, and India, which continued with an inward-oriented development strategy, experienced a decline in the share of exports in manufacturing output. India lost ground in textiles, its traditional exports, and was slow in developing new manufactured exports. As a result, its share in the combined exports of manufactured goods of the nine countries under consideration declined from 57 percent in 1963 to 13 percent in 1973. In the same period, Chile's share fell from 2 percent to below one-half of 1 percent, while Uruguay's share declined to the same level from 1 percent in 1963.
6 percent increase in GNP associated with the unilateral elimination of Canada's relatively low tariffs, with the bulk of the gain attributed to economies of scale. 32 Gains from economies of scale under increased outward orientation can be expected to be greater in developing economies. With the exception of Brazil, these economies have smaller domestic markets for manufactured goods, where economies of scale are important, than does Canada and their protection levels are considerably higher. Exporting also permits increased capacity utilization.