Themes of Economic Development Stability and Expanded Export Markets in the Country
Participation in international commerce is a crucial factor in achieving economic growth and accumulating wealth on a global scale. The source cited is Keesing's publication from 1967. For a considerable duration, economists have acknowledged that the significance of global trade in the advancement of a country's economy surpasses that of its domestic production. International commerce has been found to have positive effects on domestic production, efficiency, international competitiveness, and specialisation, which in turn lead to a rise in global output and GDP. Hence, the significance of trade in fostering economic growth across nations with differing levels of development cannot be overemphasised.A plethora of research endeavours have been undertaken within the discipline of economics to examine the effects of global trade on domestic economies. Adam Smith, David Ricardo, and Alfred Marshall are renowned economists who emphasised the importance of international trade, adhering to traditional and conservative economic principles. In contrast, proponents of structuralism have argued that the effects of international commerce on developing countries are detrimental, as evidenced by the deterioration of the terms of trade and the uneven distribution of technological progress between the "core" and the "periphery" (Yotopoulos and Nugent, 1976). A significant cohort of renowned economists, including Prebisch, Mydral, Singer, Emmunnel, and Nurkse, have espoused a development approach that prioritises reduced emphasis on both domestic and international trade. Conversely, as per the research conducted by Manjappa and Hedge (1998), economic expansion through exports-driven growth is deemed as an optimal approach. The group of economists comprises a diverse set of individuals, including Bhagwati, Kruger, Chenery, and Bela Balssa.
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