The design of trade liberalization

It is by now quite commonly accepted that a liberal trade regime is superior to a highly restrictive one in producing economic efficiency and growth. However, comparatively little is known about the process for changing from one regime to another. Yet, certain crucial elements of a successful liberalization process may be common to a large number of countries, over different periods, and at different stages of development. This article attempts to identify such major elements through the study of the experience with liberalization in 19 countries located in Asia, Latin America, and the Mediterranean area. -from Authors