Explain the export driven model of economic development. Discuss its major criticisms.

Export-Driven Model of Economic Development: The export-driven model of economic development, also known as export-led growth, is an economic strategy adopted by many developing countries to stimulate their economies and achieve higher levels of economic growth and development. This model emphasizes the promotion of exports as a primary driver of economic expansion, with the belief that increasing exports will lead to various positive outcomes such as increased foreign exchange earnings, job creation, technological advancement, and overall economic prosperity. The export-driven model typically involves several key components:

1. Export Promotion: Countries adopting this model focus on identifying and developing their competitive advantages in specific industries or sectors, aiming to produce goods and services that can be sold in international markets at competitive prices. Governments often provide incentives and support to domestic industries that are likely to succeed in global markets.

2. Trade Liberalization: To facilitate exports, many countries pursue trade ________ __________ ________ ________ __________ ______ ______.
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