1. This section of the paper draws on the author’s Grahm Lecture, ‘The Process of Industrial Development and Alternative Development Strategies’, Essays in International Finance (Princeton, NJ: Department of Economics, Princeton University, 1981) No. 141. Published in B. Balassa, The Newly-Industrializing Countries in the World Economy (New York: Pergamon Press, 1981) pp. 1–28.
2. The Turkish experience with inward orientation was examined in B. Balassa, ‘Growth Policies and the Exchange Rate in Turkey’, in The Role of Exchange Rate Policy in Achieving the Outward Orientation of the Turkish Economy (Istanbul: Meban Securities, 1980) pp. 15–19. Reprinted under the title ‘Policies for Stable Economic Growth in Turkey’, in Balassa, The Newly-Industrializing Countries in the World Economy, pp. 297–328, and in B. Balassa, ‘The Policy Experience of Newly Industrial Economies After 1973 and the Case of Turkey’, The Role of Exchange Rate Policy in Achieving the Outward Orientation of the Turkish Economy — II (Istanbul: Meban Securities, 1981) pp. 1–35. The latter paper also considered the preliminary results of the 1980–81 reforms.