number of examples in which it has not yielded the expected results. EOI increases market sensitivity to exogenous factors, and is partially responsible for the damage done by the 1997 Asian financial crisis to the economies of countries who used export-oriented industrialization. This is something which occurred during the financial crisis of 2007–08 and subsequent global recession. Similarly, localized disasters can cause worldwide shortages of the products that countries specialize in. For example, in 2010, flooding in Thailand led to a shortage of hard drives. Other criticisms include that export oriented industrialization has limited success if the economy is experiencing a decline in its terms of trade, where prices for its exports are rising at a slower rate than that of its imports. This is true of many economies aiming to exploit their comparative advantage in primary commodities as they have a long-term trend of declining prices, noted in the Singer-Prebisch thesis though there are criticisms of this thesis as practical contradictions have occurred. Primary-commodity dependency also links to the weakness of excessive specialization as primary commodities have incredible price volatility, given the inelastic nature of their demand, leading to a disproportionately large change in price given a change in demand for them. Nobel laureate Paul Krugman has criticized what he called the "popular views" on macroeconomic policy as they were shaped in the 1950s, and, particularly, regarding productivity and foreign-trade economic policy. The "highly influential" position that "the United States needs higher productivity so that it can compete in today’s global economy", he wrote, is akin to the person supporting it “wearing a flashing neon sign that reads: 'I don't know that I'm talking about'." Logical One of the main arguments against the assumption of export-oriented policies as potential solutions in a country's problems rests on the tenet that an economic orientation should be applicable to every country, in general and allowing for local conditions. If following an export-oriented path is beneficial for country A, then it should also be so for country B, ceteris paribus. However, that is an impossible task since, as a matter of trivial logic, it is impossible for all the countries on the planet to become net exporters. Notes Industrial policy Export