Towards a more general approach to trade liberalization

Despite the frequency with which they have been promoted as a model of deve lopment, East Asian trade policies have had little influence on the normati ve economics of trade reform. In contrast to directly dismantling protectio n, developing countries have often provided concessional import rights whic h override existing protection. These instruments include EPZs and duty rem ission. This paper accommodates these instruments of 'new trade liberalizat ion' within a more general understanding of trade liberalization illustrati ng their similarities and their differences. Both old and new trade liberal ization can, on their own, bring about complete free trade. Needless to say , so far, neither has.