This paper explores the conditions for sustainable development through two models of economic growth that elucidates two extremes; an open economy with constant prices, and a closed economy with endogenous prices. Sustainable development is easier to achieve in the case of the former than the...

The rapid increase in the number of bilateral and regional free-trade agreements since 1995 is a striking development. The proliferation of these agreements has raised questions about whether they have, in fact, opened markets, created trade, promoted economic growth, and/or distorted trade....