 वो अब मिक निया टोफ़ेक तरब जल्ते हैं जो गलोगम भरा दिसकस रहा है, दिसकशन की पाट रहा है यह लास सेथ अईच्चती नुफ को, अत हो ईकना मिक दवलरपन्ट टा ळींग और ववर्ट हो लोगा शाएक निया है. the world, we will divide specifically the countries in two groups, develop and developing and build a case from here and then do an analysis of how these two groups have gained over the period of time. Or they have been affected through international trade. In introduction primarily if you look at the world in two countries , one is a developed world or the other is a developing world or developing countries and developed countries then normally the value is to make the development even though this growth value is also there but the development is measured according to real impact income क Jacobs بتaje mayor कर लेथेःटे हैं. आगर आप Wиб believing का जो indicator हैं toward development galax two there, is a difference between economic growth and develop economic growth कचाभsınız. estado लेंगler कि भाध करendas of India right and towards bereits�면 develop कचा धूसी की नॉकी भाध करसे लिए णrau Chckerle than herbs, Lee Harsh only which knot कि लेगे था लरे लिए फुत. Good in flow of money, for that analysis माग श्입्त Recht ए लेए and economic growth will take simultaneously or will consider the same thing. Here, the developing world, some of its characteristics you will normally experience or you will not be able to see these qualities in every developing country. One is low real-pack capital, incomes you will not be able to see in developing world. This is why it is called developing countries or countries, if its per capita income is less. Then, you will see a big characteristic there, that the big part of labour force, the primary products, will associate with them. Like specifically, if we talk about Pakistan, then a big part of Pakistan's labour force, agriculture with it, then Pakistan is also a developing country. Similarly, if we look in Bangladesh, then there too, with cotton industry, with cotton or agriculture, many people are associated, look Thailand, you will see the same case there. Then, another thing you will experience in developing countries, that is illiteracy. There, like Pakistan, if you see, then literacy rate here is very low and illiteracy rate is very high. And then health conditions associated with the education, you will see low life expectancy. And then, the overall quality of life, you will not get it. You will get water sanitation, so many issues including these issues, other than that as well, like population growth is one of the issues, that you get to see more in developing countries. So, these are basically characteristics, you can say, of developing countries. Its development world will obviously have better level of education, health facilities will be better. The labour force would be associated with the industry primarily, the part of the labour force will be more, or the production will be more towards high value added goods. The labour force will be involved, in the services sector, there will be a lot of labour involved. Now, what happened over the period of time, if we look at trade theories, I will link it with that, prior to that, if we look at it historically, developing countries have provided more things in the form of inputs to the developed world. And then, develop world say, technology is coming, capital is coming to developing world. So, this is a general phenomenon, if you look at it in the last centuries, or even in countries before that, in the 18th century, in the 17th century, you know, the period of colonialism. So, in this case, in the last century, if we talk specifically about the 20th century or even 19th century, in the last two centuries, you will notice that food or raw materials, they were exported from the developing countries to develop world. Or in exchange to that, you have developed countries, they give you final or manufactured goods. But there is a big interesting change in the last six or seven decades. I have written a figure, it is almost representing the last four decades, that is, 20% manufacturing products were 25% only of developing countries exports, which have increased to 80% by now. It means that the developing world is also exporting manufacturing goods from there. So, here the export element, apart from production, we have talked about export. So, 80% exports are going towards manufacturing goods. Now, I suppose there is a question in literature, a historical question, that can the closed economy grow better through it, or the nations can grow better, or the economy will be open. Now, the closed economy or less closed economy or less open economy, means that at least trade with a nation, with the rest of the world. And the open economy means that the more links it has, the more it trades with more countries. See, there is a big historical question, but the answer is that different economists have done it with different ways. Like, some economists, we too have taken the idea of trade, so they keep propagating that the more you open trade, the more you can take economic benefits by using better, by using quality labour, you can use the factor endowments in a better way, and in other games. And then, some economists primarily, if we talk about World War I, and after that, before World War II, if we talk about that point, then there were some economists' thought that you should keep a closed economy, i.e. if you had a policy, a beggar-the-neighbour policy, you should work on that, you should export more than more, import less than less. But the mindset change in the developing countries in the last few decades, you can see that you have exports or trade has developed. And you will see big success cases in the world. Like China is one of them, the one who has developed on the basis of exports, or is developing more over the period of time. So, you can see this interestingly. Before 1980s, a school of thought, although it was a very low number, but it was very influential economists, who understood that you should have import substitution policies. That means, that you should import less than less. If you want to grow, if you want a high growth route, then you should use the internal resources in a better way. And you should substitute the imports from the rest of the world with the local products. So, in that case, you can save the foreign exchange reserves. And there, you can increase the reserves of foreign exchange and you can also save foreign exchange. If you are trading in the form of dollars, then you can also save the money there. Or in any form, in the form of gold, when we read a mercantilist approach, we gave him the name of the bullion. So, we were talking about this before 1980s, that you do not have much trade help. That basically stops growth. So, they used to say that you should import substitution policies. Now, in some of the next modules, we will discuss whether this school of thought was right, whether the trade really stops growth, or there are some such cases. Because some economists call trade the engine of growth. So, why is that? So, in some of the next modules, we will discuss which way trade affects economic development. Positive or negative?