"Mehdi Shafaeddin provides answers to a number of controversial questions such as: Why has economic reform and trade liberalization not been successful in many developing countries in promoting industrialization? Why is there a deadlock in trade negotiation? And what is wrong with the world trading system? The author argues that the theories and practices of trade and industrial policies are surrounded by fallacies and contradictions: for example the 'universal and uniform trade liberalization' hypothesis does not consider different levels of development and specific characteristics of various countries; the infant industry argument and import substitution strategy are misinterpreted."--Jacket.