Export subsidies and global trade

Stages of development

Reflecting on Rostow’s stages of economic growth, one realizes that economic development starts with agriculture.  The traditional society in Rostow’s theory was primarily agricultural.  If one accepts the logic of Rostow’s thinking on the economic evolution of societies, then one notices that agriculture was rather conspicuous in at least two of his later stages of growth, namely the pre-conditions for take-off and even the phase of take-off itself. But when one looks at large and advanced economies like those of the USA, France and Germany, which could be placed at the end stage of Rostow’s theory, they never abandoned their agricultural sector.  Instead, they did things to strengthen it and where domestic markets had become saturated or were too small to support the technological expansion of agriculture, they sought foreign markets.  Advanced countries used a complex of policies to support agricultural expansion, but one that has riled the international community was the use of export subsidies with impunity to satisfy domestic objectives.  Today, before many countries could advance to the take-off stage of Rostow’s theory, the use of export subsidies in agriculture is being disallowed.  This article examines ….


The brown and barren aftermath

Extreme damage The extreme damage and swath of devastation that have occurred over the past weeks have left many wondering as to what is really happening with global warming and climate change.

By ,

The changing face and nature of development financing

Routine Sometimes people do not think of things that they see or do, especially when the occurrence becomes routine. 

By ,

Banks and their customers

Dominant Recall from last week’s article, the overall situation of the commercial banks can be regarded as satisfactory despite the distortions in the foreign exchange market earlier in the year. 

By ,

Banks and their customers

Part 1 Decline in profits The Guyana Bank for Trade & Industry (GBTI) has reported its half-year profits for the year 2017.  

By ,

Local content policies: the experience of some others

Preventing measures Last week’s discussion of local content around Guyana’s oil industry established two key points based on current talks on the matter.

By ,

Your browser is out-of-date!

Update your browser to view this website correctly.

We built stabroeknews.com using new technology. This makes our website faster, more feature rich and easier to use for 95% of our readers.
Unfortunately, your browser does not support some of these technologies. Click the button below and choose a modern browser to receive our intended user experience.

Update my browser now