Escaping Regulation, Escaping Convention: Development strategies in small economies

Naren Prasad

Published: March 2004

Contrary to widely held belief, small island countries have many lessons to offer to other countries and the world community in terms of their development strategies. This article provides evidence that small island countries are experts at breaking and distorting global trade rules without being noticed or provoking retaliatory actions. As unimportant actors in the global system, they tend to use their sovereignty and non-market options to their advantage rather than relying purely on global rules of free trade. Globalization is neither uniform nor homogeneous, but includes opportunities and potential for derogations, exceptions and special arrangements.

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