1. Structuralist approach of terms of trade argument emphasizes that developing countries can't break away from underdevelopment without adopting protectionist policies. Discuss validity of this claim by referring to empirical evidence. YOUR ANSWER SHOULD INCLUDE: a. An explanation of structuralism; b. Prebisch - Singer Hyphothesis; c. price and income elasticities of demand; d. empirical evidence from Newly Industrialised Countries of South East Asia; e. protectionism and its consequences; f. an argument on free trade vs protectionism.