Declining industries, mechanisms of structural adjustment, and trade policy in Pacific Basin economies

Hugh T. Patrick
The process of industrialization, and its spread to the developing economies, generates in its wake severe problems of structural adjustment for "declining" or "troubled" industries. These problems are of major policy significance for the Pacific Basin economies, though in somewhat different ways depending on the level of development (the advanced industrial countries, the newly industrialized economies, and currently industrializing nations). How inefficiencies are dealt with and resources reallocated is an important domestic economic and political...
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