Abstract
This paper looks at the direction of trade in manufacturer. The pattern predicted by the HOS model hasn'r materialized. But some sense of the historical pattern is made by looking at the distribution of world income, as well as exporting countries' policies and product composition. Given the historical pattern and in particular the direction of Japan's trade, it is argued that developing countries today are under-exporting to one another. This is to their detriment insofar as trade among less developed countries teends to be comprised of manufactures that are skill-and learning-intensive. The scope for an increase in such trade is assessed.
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